Swiss watchmaker Rolex to purchase buy retailer Bucherer

 

Swiss watchmaker will expand retail operation with the deal. File Photo

Rolex has agreed to buy luxury retailer Bucherer, a substantial move that signals the Swiss watchmaker's entry into consumer sales, as reported by Bloomberg on Thursday.

This deal will provide Rolex, renowned as the largest Swiss watch brand, with a substantial presence in the consumer market—a new avenue for the company.

Bucherer, a Swiss entity with a global footprint of over 100 stores, will retain its operational independence and brand identity, according to a statement from Rolex.

People gathered at a store of Bucherer/ Reuters

Financial specifics of the transaction have not been disclosed.

This acquisition paves the way for Rolex to expand its watch sales through its own retail outlets, deviating from its current model.

Currently, Rolex operates a single store, located in its birthplace of Geneva.

With an annual revenue surpassing 9 billion Swiss francs (equivalent to $10.2 billion) and producing over 1 million timepieces annually, Rolex stands as the preeminent Swiss watch brand.