Panda continues to grow in Latin America
We have recently announced some excellent news: we have bought our distributor in Brazil, which will allow us to take full advantage of the opportunities for growth that we’re seeing in this country. This brings to 13 the number of wholly-owned subsidiaries, including our offices in Austria, Germany, Belgium, China, Spain, Finland, France, Holland, Japan, Sweden, UK, and the USA.
The successful strategy of the local team in Brazil has made it one of our most successful offices in Latin America. In fact, in 2009 revenue grew almost threefold with respect to 2008.
It barely needs stating that Brazil is a key market, as it represents a great opportunity for our group to grow. In fact, Gartner has classified it as the largest Latin American market.
As I’ve said previously, Panda is probably, after Inditex, the Spanish company with a presence across most countries (56 in total including subsidiaries and exclusive distributors). Specifically in Latin America, we are present in 18 countries.
This strategy of buying distributors in key markets is an initiative that we started in 2007 with the entry in our share capital of investment groups led by Investindustrial, GalaCapital, HarbourVest and AtlanticBridge, and has allowed us to strengthen our international positioning as well as delivering great opportunities for growth.
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