This acquisition will ensure the continuation of Bucherer’s success and strengthen the close ties between the two companies that have been nurtured since 1924, Rolex said in a Thursday (Aug. 24) press release. The move is subject to approvals from competition authorities.
“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,” Rolex said in the release.
Bucherer is a multibrand retailer with stores in seven countries, and the partnership between Rolex and Bucherer spans over 90 years, according to the release. Bucherer has more than 100 sales outlets globally, with 53 of them distributing the Rolex brand and 48 distributing Rolex’s sister brand, Tudor. Additionally, the retailer serves as an official after-sales service center for both brands, employing watchmakers trained by the company itself.
The owner of the retailer, Jörg Bucherer, decided to sell his business due to the absence of direct descendants, the release said. Rolex sees this as an opportunity to secure the future of the retailer while maintaining its independence.
After the acquisition, Bucherer will retain its name and continue to operate independently, per the release. The management team will remain unchanged, ensuring a seamless transition into the Rolex group once the necessary approvals from competition authorities are obtained.
“The fruitful collaboration between Rolex and the other official retailers in its sales network will remain unchanged,” the watchmaker said in the release.
Rolex owns and operates only one store — in Geneva — while it has hundreds of authorized retailers around the world, The Wall Street Journal (WSJ) reported Thursday.
When Rolex announced in December 2022 that it would begin certifying its pre-owned timepieces, Bucherer was the first retailer that the brand authorized to join the program. Other retailers were to be added later, Rolex said at the time.
This move comes at a time when the Swiss watch industry has offset the impact of a decline in the volume of watches exported by raising prices. By raising prices on its best watches, the industry earned more than ever before in 2022.