It will open 50 concept stores.
Pandora is planning to enter the India market, opening dozens of stores in coming years.
Pan India Charms & Jewellery Private Ltd. will have exclusive distribution rights for India, a country in which Pandora currently has no distribution, according to a press release.
Through its distribution partner, Pandora will establish branded sales distribution focusing on concept stores and shop-in-shops, initially in Delhi, Mumbai and Bangalore.
The initial expectation is to open around 50 concept stores in India over three years, with about five stores to be opened in 2017, according to the release. The first opening is planned for first-quarter 2017.
“Retailing and conceptual sales in India is developing at a fast pace,” said Colding Friis, CEO of Pandora. “Furthermore, jewelry as a fashion statement is increasingly popular among consumers and with India already being one of the largest jewelry markets in the world, the country holds a great potential for Pandora. With our new partner and distributor, who has substantial knowledge and experience with the Indian retail market, we believe we have an unique opportunity to position Pandora as a leading international jewelry brand in India.”
According to Pandora, the Indian jewelry market is worth over $43 billion a year, with a compound annual growth rate of 7 percent expected through 2021.
Read the full press release