Rolex, one of the cult names of the watch industry, announced that it has purchased Bucherer, one of the world's largest luxury watch retailers.
In a surprising move, Rolex has announced that it has acquired Swiss watch retailer Bucherer, the largest seller of Rolex watches worldwide. Rolex, which has been in a different position among luxury watch brands for a long time because it does not have its own retail network, has acquired the world's largest luxury watch retailer outside of China and Hong Kong.
Although headquartered in Lucerne, Bucherer is known as a global retail giant with 100 outlets in Europe and the United States. A Rolex retailer since 1924, Bucherer is among the industry veterans with annual sales of around CHF 2 billion, almost two-thirds of which comes from sales of Rolex and Tudor watches. As Rolex's largest retail partner, Bucherer accounts for almost 10% of Rolex's estimated CHF 10 billion turnover. It is also notable that Bucherer is the first retailer in the world to participate in the Rolex Certified Pre-Owned program.
Founded in 1888, Bucherer has been in the hands of its founding family ever since, and the company is now run by Jorg G. Bucherer, grandson of founder Carl F. Bucherer. Mr. Bucherer, now almost 90 years old, is considered a legend in the watch industry. In fact, the takeover announcement states, "[He] is the last person still in business to know and work with Rolex founder Hans Wilsdorf."
Mr. Bucherer, who is struggling with health problems, has no children. Although it has long been talked about in the industry that after his death, his wealth and business will be donated to charities primarily to benefit his hometown of Lucerne, Bucherer's incorporation into Rolex means both a strong retail network for the three-generation business and a huge win for the foundation itself.
