Pandora to Acquire Franchisee Business in Portugal

RAPAPORT... Pandora will assume ownership of 34 stores from its distributor in Portugal as part of its plan to expand its network and regain control of its brand.The jeweler will take over the full distribution and sales network of Vis??o do Tempo, which includes 25 concept stores and nine shop-in-shops, Pandora said Tuesday. All locations will open as Pandora-owned-and-operated stores on July 20. Vis??o do Tempo has been running Pandora's business in Portugal since the Danish company's entry into the market 16 years ago."Portugal is one of the top markets in Western Europe, and we see great potential to further strengthen our brand and drive growth," said Olivier Kessler-Gay, general manager of the Western Europe market cluster at Pandora. Most of the Portugal-based stores are in premium locations and key cities, with traffic from both local customers and tourists, Pandora noted. The company's business in the country through Vis??o do Tempo exceeded EUR 24 million ($25.7 million) in sales in 2021.The move is part of Pandora's Phoenix strategy, which aims to drive growth via a number of initiatives, including strategic expansion. The plan also allows the retailer to gain control over brand development and improve its omni-channel and product offering, it explained.In January, Pandora reacquired 37 freestanding Pandora stores in the US and Canada from jeweler Ben Bridge.Image: A Vis??o do Tempo-owned Pandora store in Braga Parque, Portugal. (Pandora)