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Sberbank Sells Pandora Asset
June 24, 2015 15:26


(Source: http://nemirov.ua.watches-russia.ru/braslet-pandora)

Sberbank owning a 100 percent stake in Pandora jewelry network in Russia expects to sell the asset at a profit in 2015.

However, the bank may remain a minority shareholder of the network. This was reported by the Manager of Sberbank CIB Oscar Ratsin.

“We would not want to hold this asset for a long period of time, and we expect to sell it during 2015. We do not exclude the possibility of saving the financial participation in the company in the future” – Ratsin said. He noted that the company “PanKlub”, being the exclusive distributor of Pandora jewelry in Russia, is a good asset showing stability, despite the high volatility during the crisis.

According to Ratsin, there are potential buyers interested in it. Sberbank became the owner of the Pandora jewelry network in the beginning of March 2015 by obtaining 100 percent of shares of “PanKlub” CJSC that develops the franchise of these stores in Russia.

The term of exercising of the option of Sberbank for the sale of its 35 percent stake in “PanKlub” expired on June 18. The second party of the contract – the holding company Trellas owning the assets of “Svyaznoy” GC (including the remaining 65 percent of “PanKlub”) - has not bought the package from the bank during the allotted time from December to March. As a result, according to the terms of the agreement, the bank remains the owner of 35 percent of “PanKlub” and gets the remaining 65 percent.

Sales of the Pandora brand began in Europe and it first entered North America in 2003. The company opened concept stores around the world before its franchising model began in Australia in 2009. Pandora is present in more than 80 countries and employs more than 9,000 people worldwide. Pandora launched an online sales platform in Europe in 2011, and is currently working to expand its e-commerce to the majority of its markets including Australia. Europe and the United States accounted for nearly 90% of group sales in 2014. The group announced a Chinese distribution deal in 2015, with plans to increase store numbers to "a couple of hundred" in China.

Sources: http://lenta.ru 


Author: Anna Dorozhkina

Tags: Sberbank     

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