Pandora A/S announced that it has signed a letter of intent with Pan India Charms & Jewellery Private Limited (Pan India) about distribution of PANDORA jewellery in India. Under the terms of the distribution agreement, Pan India will be granted exclusive distribution rights for PANDORA jewellery in India, in which PANDORA currently has no distribution. The agreement is subject to certain conditions to be fulfilled. Through its distribution partner, PANDORA will establish branded sales distribution focusing on concept stores and shop-in-shops, initially in Delhi, Mumbai and Bangalore, consistent with PANDORA's overall strategy to focus on expanding the global branded network. The initial expectation is to open around 50 concept stores in India over a three year period, with around five stores expected to be opened in 2017.