Pandora is acquiring City Time S.L, which distributes the company’s products in Spain, Gibraltar, and Andorra.
The move follows Pandora’s takeover earlier this year of the distribution of its brand in Belgium and South Africa, and is part of its ongoing plan to increase control of its brand and retail stores.
The agreement means Pandora will gain ownership of 51 Pandora concept stores in Spain. It will also take over distribution to the 15 franchisee concept stores and 500 other points of sale in the area.
Pandora is paying EUR 110 million ($129 million) for City Time, which posted 2016 revenues of EUR 94 million ($110 million). The transaction is expected to be finalized during the fourth quarter.
(Image courtesy of Pandora)