Following the choice made by Jörg Bucherer, in the absence of direct descendants, to sell his company’s business, Rolex has decided to acquire watch retailer Bucherer, which was until now an independent entity.
The purchase price was not disclosed.
The move reflects the Geneva-based brand’s desire to help perpetuate the success of Bucherer and preserve the close partnership that has linked both companies since 1924, Rolex said in a statement.
Bucherer has more than 100 stores worldwide, of which 53 distribute the Rolex brand and 48 distribute the Tudor brand. Rolex said the 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.
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.
The move is an unusual one for a major watch group like Rolex, which actually is owned by a charitable foundation. Rolex has benefited from the pandemic boom in luxury watch sales and has become one of the most coveted brands among collectors — as well as, unfortunately, thieves with a recent report in the U.K. saying it was the most-robbed brand.
But the deal also comes as there is increasing consolidation across the luxury world as groups rush to grow in size in a market where increasingly scale matters. Kering in July acquired a 30 percent stake in Valentino, with the option to acquire the remainder, and Richemont bought Gianvito Rossi, while this month there was Tapestry’s blockbuster $8.5 billion deal to acquire Capri Holdings.