In a statement, Pandora said that the acquisition supports its ‘Phoenix’ strategy to “drive growth” through several initiatives including strategic network expansion. By acquiring the store network in Portugal, Pandora states it will “get better control of its brand development” and be able to build a superior omni-channel journey and improve its product offering.
Visão do Tempo introduced Pandora to the Portuguese market 16 years ago and today operates 25 concept stores and nine shop-in-shops in the country, mostly located in key cities and at premium locations, served by both Portuguese customers and tourists. All 34 locations will open as Pandora-owned and operated stores from July 20.
Pandora’s Portuguese business has delivered good growth over the past 10 years with Visão do Tempo reporting more than 24 million euros in sales in 2021 (sell-out revenue from the 34 stores plus sell-in to multibrand outlets).
Olivier Kessler-Gay, general manager of the Western Europe market cluster at Pandora, said: “Portugal is one of the top markets in Western Europe and we see great potential to further strengthen our brand and drive growth.
“I would like to thank Visão do Tempo for launching Pandora in Portugal 16 years ago and for their dedicated stewardship ever since. Pandora is today a main actor in the Portuguese jewellery sector, and we plan to continue the positive development.”
Frederico Carneiro, chief executive at Visão do Tempo, added: “We are deeply thankful for the opportunity to establish and grow Pandora in Portugal. Today’s strong market position is a result of the hard work from our distribution and retail teams and is only possible because of our loyal customers across the country.
“Pandora will now enter a next phase In Portugal. I am confident that this step will take the brand even further and bring it much more success.”