Pandora A/S signed an agreement with BJ FitzPatrick Holdings Ltd. to take over its store network in Ireland, effective June 1.
In a May 22 announcement, the Danish jewelry maker said the move is in line with its goal to increase the owned and operated retail footprint in "markets of importance." It will also let Pandora enter Ireland directly.
The company will pay BJ FitzPatrick €23 million, of which about €3 million is related to inventory.
The agreement adds 24 company-owned concept stores and one shop-in-shop to Pandora's retail chain in Ireland. The company said it will also take over distribution to five franchisee concept stores and 10 shop-in-shops, mainly in northern Ireland.
