PANDORA OPENS ITS FIRST CONCEPT STORES IN RUSSIA
As stated in the company's Interim Report for third quarter 2010, announced on 11 November 2010, PANDORA earlier this year entered into a Master Distribution and Franchise Agreement for the Russian market.
The conceptual retail expansion into the Russian market will be based on a cluster strategy aimed at realising the optimal brand exposure. Continuing into 2011, the focus will be on opening a number of PANDORA branded concept stores in and around Moscow and St. Petersburg. Later, the roll-out is expected to be expanded to include other major regional cities in Russia (+1 million inhabitants).
Mikkel Vendelin Olesen, CEO at PANDORA, said: "Although the growth in 2011 will primarily come from upgrading and establishing new point of sales in our existing markets, the entrance into Russia and other major emerging markets is a very important step in order to secure PANDORA's long-term growth."
The market launch in Russia is executed in close corporation with PANDORA Central Eastern Europe (CEE), who will be providing extensive support and supervision during the initial phases as well as comprehensive introduction and training of all key staff members at PANDORA CEE's regional offices in Warsaw.
PANDORA designs, manufactures and markets hand finished and modern jewellery made from genuine materials and at affordable prices. The PANDORA jewellery is sold in more than 50 countries on six continents through approximately 10,000 points of sale, including over 320 PANDORA branded concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 4,800 people worldwide of whom more than 3,500 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2009, PANDORA's total revenue was DKK 3.5 billion (approximately EUR 465 million). For more information, please visit www.pandoragroup.com
For further queries, please contact:
Kasper Riis, Communications Manager
Phone +45 3672 0044
Mobile +45 3035 6728
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