Swiss watchmaker Rolex (Geneva) announced it has agreed to purchase Bucherer, the international watch and jewelry retailer and owner of over 100 stores in Switzerland, the United States, England, Germany, France, Denmark and Austria. As Robb Report described in its coverage of the deal: “The announcement caught the horological world by surprise—after all, lots of the European business community is on vacation this month, and the biggest news in this industry generally gets shared during a few tentpole events.”
In a statement to Robb Report, Rolex said it decided to buy the Bucherer business from its 87-year-old chairman, Jorg Bucherer, who’s selling because he has no direct descendants to leave the company to. (He’s the third generation of the Bucherer family to run the business.)
Terms of the deal were not disclosed. The two brands have a lengthy history, as Bucherer’s stores have been Rolex-authorized dealers since 1924.
“The Rolex group is convinced that this acquisition is the best solution not only for its own brands but also for all the watch and jewelry partner brands, as well as for all the employees of the Bucherer group,” the watchmaker said in its statement.
For now, Rolex says that Bucherer “will keep its name and continue to independently run its business.” The watchmaker also says it will continue to work with other companies that sell Rolex wares. “The fruitful collaboration between Rolex and the other official retailers in its sales network will remain unchanged,” the statement said.