In a major move, Swiss watchmaker Rolex has annonunced that it is acquiring Bucherer, the international multibrand retailer of watches and jewellery which was until now an independent entity.
While the companies didn't disclose any financial figures, the move reflects the Geneva-based brand’s desire to perpetuate the success of Bucherer. Bucherer accounts for over 100 sales outlets worldwide, of which 53 distribute the Rolex brand and 48 distribute the Tudor brand. The watch retailer is also an official after-sales service centre for both brands.
The two companies have a long history together. Since 1924, Bucherer has been an official retailer of the Rolex manufacture.
In its press release, Rolex said: "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 jewellery 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. The Group’s management team will remain unchanged. Bucherer’s integration into the Rolex group will be effective once the competition authorities have approved the takeover transaction.”
Meanwhile, according to a Bloomberg report, the export of Swiss watches dropped slightly last month. It's the first monthly drop in over two years, the report says.
“Shipments fell by 0.9% last month to 2.2 billion Swiss francs ($2.5 billion) with China driving the downturn,” the Bloomberg report stated, quoting the the Federation of the Swiss Watch Industry.