Swiss luxury watchmaker Rolex has acquired watch retailer Bucherer, maintaining a long-term partnership between the two companies, the company said in a statement. The move reflects the Geneva-based brand’s desire to continue Bucherer’s success and maintain the close partnership between the two companies that dates back to 1924, the company added.
The acquisition comes at a time when Jörg Bucherer, Honorary President of the Bucherer Group, is selling off his business as he has no direct descendants.
“For more than 90 years, both companies have worked side by side, contributing to each other’s achievements and growth,” the company said. Today, both companies are globally successful.
The Rolex Group said, “The Rolex Group is convinced that this acquisition is the best solution not only for its own brands, but also for all watch and jewelry partner brands and all employees of the Bucherer Group.”
Through this partnership, Bucherer will retain its name and continue to operate its business independently. However, the group’s management team will remain unchanged. The incorporation of Bucherer into the Rolex Group will also take effect once the competition authority approves the acquisition.
“The fruitful collaboration between Rolex and other official retailers in its sales network will remain in place,” it added.
MARKETING-INTERACTIVE has contacted Rolex for more information.
The news comes as more and more companies sell their businesses in response to economic changes. Cosmetics maker Natura &Co Holdings recently said it was considering selling The Body Shop, according to a security document seen by MARKETING-INTERACTIVE. Meanwhile, The Body Shop saw another quarter of declining sales. Fourth-quarter net income fell 8.4% in constant currency, according to the financial report.
Natura & Co wrote in the filing that its board “recently authorized management to explore strategic alternatives to The Body Shop”. Alternatives include a “possible sale” of the business, the document said.
“There can be no assurance that this process will result in any transaction. Natura does not intend to comment on this matter or provide an update on the matter unless and until it determines that further disclosure is appropriate or required based on the then-current facts and circumstances,” the filing say.
