Geneva – Rolex plans to acquire watch and jewellery retailer Bucherer, the brand announced on Thursday afternoon.
Jörg Bucherer, chairman of the board and great-grandson of the retailer’s founder, has no direct descendants and was looking to sell the business, which has been an independent entity.
The two companies have worked together for almost 100 years, Rolex said. Jörg Bucherer was one of the last people to know and work with Rolex founder Hans Wilsdorf, who died in 1960.
“The professional relationship, friendship and mutual respect have endured to this day,” Rolex said.
Carl-Friedrich Bucherer and his wife Luise founded Bucherer in Lucerne, Switzerland, in 1888. It was one of the first specialist watch and jewellery stores in the city.
The company has since grown into a global multi-brand retailer with stores in Switzerland, the United States, England, Germany, France, Denmark and Austria.Bucherer has more than 100 points of sale, including 53 that sell Rolex and 48 that sell Tudor watches, a brand owned by Rolex. It’s also an official service centre for both brands.
The Swiss watch and jewellery retailer acquired Tourneau in 2018, and has been gradually transitioning those stores to use the Bucherer name.
It recently reopened its flagship store in Las Vegas, redesigning the former Tourneau location. The store carries certified pre-owned Rolex watches as part of Rolex’s new programme.
“The Rolex Group is convinced that this acquisition is the best solution not only for its own brands, but also for all its watch and jewellery partner brands, as well as for all the employees of the Bucherer Group,” Rolex said.Bucherer will retain its name and continue to operate independently.
The company did not respond to a request for comment on the acquisition, referring inquiries to Rolex’s statement.
The acquisition, which will be followed by integration into the Rolex Group, will be effective upon approval of the transaction by the competition authorities, Rolex said.
It also noted that the acquisition will not change its relationship with the other official retailers in its distribution network.
Jörg Bucherer will remain with the company as Honorary President of the Bucherer Group.
