Swiss luxury watchmaker Rolex SA announced it has acquired luxury watch retailer Bucherer for an undisclosed sum, in a move that looks to preserve the long-standing partnership between the two companies.
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The purchase of Bucherer was made after the family controlling the retailer decided to sell, cementing the pair’s 90-year history together, said Rolex. Bucherer will keep its name and will continue to independently run its business, added Rolex. Terms of the deal were not disclosed.
Bucherer has become an internationally renowned multi-brand retailer, with stores located in Switzerland, the United States, England, Germany, France, Denmark and Austria.
The retailer accounts for more than 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 acquisition makes way for Rolex to begin widespread sales of its watches in its own stores, with the company operating just one owned store, in its home city of Geneva.
Bucherer’s integration into the Rolex group, which boasts both Rolex and sister brand Tudor, will be effective once the competition authorities have approved the takeover transaction.
Revenue in Asia’s luxury watches and jewellery segment is currently worth some USD 46bn, with the market expected to grow annually by 2.95 percent (CAGR 2023-2028), according to Statista.
In global comparison, most revenue is generated in China which is worth some USS 24.5 billion in 2023.