PANDORA TAKES OVER DISTRIBUTION IN IRELAND

As part of PANDORA's strategy to increase control of the PANDORA brand, the Company today announces that it has made an agreement with BJ FitzPatrick Holdings Ltd. to acquire its PANDORA store network in Ireland on 1 June 2018. On the same date, the BJ FitzPatrick Group's distribution right to PANDORA jewellery in Ireland and the territory of Northern Ireland expires.

The acquisition is consistent with PANDORA's intentions to increase the owned and operated retail footprint in markets of importance and will grant PANDORA the opportunity to enter Ireland directly. With the agreement, PANDORA will add to its retail chain 24 PANDORA owned concept stores and one shop-in-shop in Ireland. Furthermore, PANDORA will take over distribution to five franchisee concept stores and 10 shop-in-shops, mainly in Northern Ireland.

In connection with the agreement, David Allen, President of EMEA in PANDORA said: "Over the years BJ FitzPatrick has ensured that both the PANDORA brand and store network have been developed across Ireland. As an integrated part of our strategy to increase control of our brand and the distribution of PANDORA jewellery, we will now continue the efforts to establish PANDORA as the branded manufacturer that delivers the most personal jewellery experience."

PANDORA will pay a total amount of EUR 23 million (approximately DKK 171 million) to the BJ FitzPatrick Group, related to the agreement, of which around EUR 3 million is related to inventory. The agreement will be effective as of 1 June 2018 and is subject to certain conditions to be fulfilled.

PANDORA jewellery has been available in Ireland since 2007 and in 2017 the acquired PANDORA concept stores generated sales of approximately EUR 24 million (approximately DKK 180 million). Additionally, the wholesale network in Ireland and Northern Ireland generated sales in 2017 of approximately EUR 5 million.

About Pandora

Pandora is the world's largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,400 points of sale, including more than 2,600 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand. Pandora is committed to leadership in sustainability and will use only recycled silver and gold in its jewellery by 2025 and halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 23.4 billion (EUR 3.1 billion) in 2021.