Pandora Signs Deal For Joint Distribution Of Jewelry In Japan
September 14, 14
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Pandora said the cooperation aims to accelerate the store roll-out, enhance the retail focus and make significant marketing investments in the Japanese market. Bluebell will contribute with its in-depth knowledge of the retail market and the Japanese consumer as well as their insight into the Japanese real estate market. Currently, Bluebell owns and operates one concept store and seven shop-in-shops.
Pandora CEO Allan Leighton said: "The Japanese market is a very attractive market both in terms of size and growth opportunities and holds a great potential for Pandora. Bluebell has done a great job in creating awareness around our brand in Japan, and we believe the timing is right to join forces with our partner, to unlock the full potential in the market."
As part of the agreement Pandora will, on January 1, 2015 purchase the majority of the assets in Japan from Bluebell in a non-cash transaction. As a starting point, the term of the agreement is five years.
Upon termination of the agreement, Pandora will take over the full distribution of Pandora jewelry in Japan. The total amount to be paid to Bluebell will depend on the realized revenue in 2019. The full amount will be transferred to Bluebell upon termination of the agreement.
Pandora originally entered into an agreement in April 2013 with Bluebell, giving Bluebell the exclusive distribution rights to Pandora jewelry in Japan. Pandora has been available in Japan since 2011.
The Japanese jewelry market had a value of almost $9 billion in 2013, an increase of 6 percent compared to 20121.
Bluebell was founded in France more than 60 years ago and specializes in the distribution and sales of international branded goods including but not limited to fragrances, beauty, fashion, accessories, jewelry and watches. Bluebell today has more than 400 points of sale in Asia generating a turnover of more than $1 billion.