Pandora Strengthens Presence in Asia

RAPAPORT... Pandora has acquired its store network in Taiwan in aneffort to gain tighter control over its brand, it said Wednesday. The jeweler signed an agreement with Carrera Corporation forthe rights to the five concept stores and 14 shop-in-shops that are located inthe region. The deal will give Pandora complete ownership over its brand anddistribution in the greater China area, which includes mainland China, HongKong, Macau and Taiwan. "For many years Taiwan has been an important market for us,"said Kenneth Madsen, president of Asia Pacific. "Having complete ownership ingreater China will support our growth and development strategy in the entireAsia-Pacific region." Pandora has focused much of its attention lately on the Asia-Pacificregion, its largest market after the US. Earlier this week, the companyannounced the appointment of Geena Tok as managing director of its business inChina, as well as Tok's predecessor's, Anthony Asinas's, move to managingdirector for Hong Kong and Macau. The jeweler has also made efforts to combat thegrey market in the region, lowering prices in China by approximately 15%. The buyout will cost Pandora approximately $15.3 million(HKD 120 million), and will take effect January 1. Image: Phillip Pessar