Sunday 21 October 2018

Pandora seals €23m Irish deal

Pandora jewellery
Pandora jewellery

Donal O’Donovan

Danish jewellery brand Pandora has agreed a deal to take direct ownership of its Irish business from family owned BJ FitzPatrick for €20m.

The deal includes 25 outlets in the Republic, and 15 shops and concessions in the North.

The price includes an additional €3m for stock. Pandora, is listed on the Nasdaq Nordic Stock Exchange, and announced the deal to the market on Tuesday.

It will take over shop leases and responsibility for around 180 staff here on June 1.

Pandora said the deal is consistent with its plan to take greater control of its global business, by increasing the owned and operated retail footprint in markets of importance.

The chain has been here since 2007.

Sales were €24m in the Republic and €5m in Northern Ireland last year.

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