Pandora jewellery will soon be available directly in India. Late last week the Company announced that it had signed a letter of intent with Pan India Charms & Jewellery Private Limited (Pan India) about distribution of its jewellery in India. The distributor, Pandora’s first in India, will have exclusive pan India rights.

The Company said that it plans to establish branded sales distribution focusing on concept stores and shop-in-shops, initially in Delhi, Mumbai and Bangalore. It said this was consistent with its overall strategy to focus on expanding the global branded network.

Pandora’s first store in India will open in Q1 2017, the Company said, and will be followed by four more that will be set up in this calendar year. Over a three year period, it plans to open around 50 concept stores across India, it said.

The statement describes India as “predominantly a gold and diamond market” and “one of the largest jewellery markets in the world”. It said that in 2015 the market was estimated to have a value of Rs 2,947 billion, with the sterling silver segment currently estimated to represent around 5%. Pandora also quoted a report from Euromonitor1 which pegs the expected CAGR for the jewellery sector at 7% during 2016-21.

Anders Colding Friis, CEO, said: “Retailing and conceptual sales in India are developing at a fast pace. Furthermore, jewellery as a fashion statement is increasingly popular among consumers and with India already being one of the largest jewellery markets in the world, the country holds a great potential for Pandora. With our new partner and distributor, who has substantial knowledge and experience with the Indian retail market, we believe we have an unique opportunity to position Pandora as a leading international jewellery brand in India.”

The agreement is subject to certain conditions being fulfilled Pandora said, and noted it will have no impact on the Company's financial outlook for the current year.