The Watches of Switzerland (LON:WOSG) has noted the announcement of the acquisition of Rolex SA of Bucherer SA and comments as follows:
Bucherer is a long-standing retail partner of Rolex, one of the largest globally (alongside The Watches of Switzerland Group) and the major retailer in the important Swiss market. Mr Jorg G Bucherer is 86 years old and is the grandson of the founder Carl F Bucherer. The co-operation and partnership between Hans Wilsdorf, the founder of Rolex and Carl F Bucherer is chronicled in the official Rolex history (from 1924).
Mr Bucherer has no family succession and his wishes are to form a legacy foundation with the proceeds of this transaction.
· This is not a strategic move into retail by Rolex. This is the best-judged reaction to the succession challenges of Bucherer SA.
· There will be no operational involvement by Rolex in the Bucherer business.
· Rolex will appoint non-executive Board members.
· There will be no change in the Rolex processes of product allocation or distribution developments as a consequence of this acquisition.
All of the above is reviewed and confirmed by the highest level of Rolex management at Rolex HQ in Geneve and locally in the UK and US.
The Watches of Switzerland Group is the UK’s largest luxury watch retailer, operating in the UK, US and Europe comprising five prestigious brands; Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors (US) and Betteridge (US), with a complementary jewellery offering.
As at 30 July 2023, the Watches of Switzerland Group had 202 showrooms across the UK, US and Europe including 87 dedicated mono-brand boutiques in partnership with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet, Grand Seiko, BVLGARI and FOPE and has a leading presence in Heathrow Airport with representation in Terminals 2, 3, 4 and 5 as well as seven retail websites.
The Watches of Switzerland Group is proud to be the UK’s largest retailer for Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.
