Jeweller Pandora opens first 6 shops in Russia

Tue Dec 28, 2010 8:57pm IST

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* Aims to open more Russian shops in 2011

* Eyes emerging markets for growth

COPENHAGEN, Dec 28 (Reuters) - Danish jeweller Pandora (PNDORA.CO)has opened its first six shops in Moscow and St. Petersburg in Russia, establishing a commercial presence in one of Europe's biggest emerging markets for jewellery, it said.

Pandora manufactures jewellery in Thailand and sells it mainly in Europe and the United States, but it is keenly eyeing emerging markets for growth.

"Continuing into 2011, the focus will be on opening a number of Pandora branded concept stores in and around Moscow and St. Petersburg," Pandora A/S said.

Later, the roll-out will be expanded to include other major Russian cities with more than 1 million inhabitants, said Pandora which listed on the Copenhagen stock exchange in October in one of Europe's largest initial public offerings this year.

"Although the growth in 2011 will primarily come from upgrading and establishing new point of sales in our existing markets, the entrance into Russia and other major emerging markets is a very important step in order to secure Pandora's long-term growth," Chief Executive Mikkel Vendelin Olesen said in the statement.

(Reporting by John Acher; Editing by Erica Billingham)