Swiss watch giant Rolex has agreed to acquire one of the largest international multi-brand watch retailers Bucherer.
Reuters news agency reports that Bucherer will continue to operate as an independent retailer after the deal closes, retaining its original top management team. Rolex said it joined the fight for the retailer when it learned its owner was considering a sale. The deal will close after approval fr om Swiss antitrust authorities.
“This move reflects the Geneva-based brand’s desire to perpetuate the success of Bucherer and preserve the close partnership that has linked the two companies since 1924,” Rolex said.
As of the third quarter of 2023, Bucherer has more than 100 stores under management with locations in Switzerland, England, Germany, France, Denmark, Austria and the United States, wh ere it recently opened the country’s largest watch store. The Rolex brand is represented in 53 of the chain’s stores. Once the deal closes, the brand could appear in more outlets.
“This move reflects the Geneva-based brand’s desire to perpetuate the success of Bucherer and preserve the close partnership ties that have linked both companies since 1924,” Rolex said in a statement.
British retailer Marks&Spencer is buying several department stores which previously belonged to the bankrupt Debenhams chain.
This acquisition encompasses the esteemed brand name, intellectual property, and existing stock.
German grocery giant Aldi has agreed to acquire about 400 Winn-Dixie and Harveys Supermarket stores in the US market.
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