Swiss luxury-timepiece maker Rolex announced on Thursday that it has agreed to purchase Bucherer, one of the world’s largest watch retailers and owner of over 100 stores.
Rolex did not disclose the financial terms, but said the move would be complete once competition authorities approved the transaction. It decided to buy the Bucherer business from its 87-year-old chairman, Jorg Bucherer, who’s selling due to the absence of direct descendants.
This move reflects Rolex’s desire to perpetuate the success of Bucherer and preserve the close partnership ties, as Bucherer’s stores have been Rolex-authorised dealers since 1924.
Bucherer will keep its name and continue to independently run its business. Its integration into the Rolex group will be effective once the competition authorities have approved the takeover transaction.
