Industry News: Rolex Acquires Bucherer
Rolex has recently revealed its acquisition of Bucherer, a renowned luxury watch vendor recognized globally and a longstanding partner of the brand since 1924. As stated in the official statement, the Swiss-based jewelry establishment, headquartered in Lucerne, will retain its autonomy and brand identity. Nonetheless, the full integration into the Rolex group is still contingent on the authorization of competition regulatory bodies.
Since 1977, Jörg G. Bucherer has been running the family business, which is now in its third generation. He expanded the business into Austria and Germany during the 1980s and 1990s, and later ventured into other European countries. In 2018, Bucherer acquired Tourneau, a prestigious American retailer, and successfully entered the US market with its 28 stores. Presently, Bucherer has over 100 retail stores globally, with many already showcasing the Rolex and sister brand Tudor collections.
As per the statement, Rolex's decision to combine is in reaction to Jörg Bucherer's decision to offload his firm's enterprise because of the lack of direct heirs.
After Jörg Bucherer made the choice to sell his business since he doesn't have any children to pass it on to, Rolex has chosen to purchase the watch retailer that was once independent. By acquiring this business, the watch brand based in Geneva aims to carry on the prosperous legacy of Bucherer and maintain the strong partnership that has been in place since 1924. The press release states that for over 90 years, both companies have been allies, working together to achieve success and foster growth for one another.
The blog section also mentions that the acquisition is seen as the optimal resolution for the Rolex Group's own brands and the overall watch and jewelry collection of the partner brands involved. Moreover, it is believed to be beneficial for the employees of the Bucherer Group.
135 years of being in the hands of one family has come to an end. The foundation of the family enterprise was established way back in 1888 by Carl-Friedrich Bucherer and his wife Luise. They set up a shop selling watches and jewelry in Lucerne, Switzerland. Rolex has confirmed that Jörg Bucherer is the final executive who had the privilege of personally knowing and collaborating with the founder of Rolex, Hans Wilsdorf. Jörg Bucherer continues to hold the position of honorary president at the Bucherer Group.
For additional information, you can check out the websites of Rolex and Bucherer. You can find more details about Rolex by visiting their website here, and for Bucherer, you can access their website here.
