Business
Response to acquisition of Rolex SA of Bucherer SA
Response to acquisition of Rolex SA of Bucherer SA.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n\n25 August 2023\n\nWatches of Switzerland Group PLC\n \nThe Watches of Switzerland notes the announcement of the acquisition of Rolex SA of Bucherer SA and comments as follows:\n \nBucherer 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).\n \nMr Bucherer has no family succession and his wishes are to form a legacy foundation with the proceeds of this transaction.\n \n· This is not a strategic move into retail by Rolex. This is the best-judged reaction to the succession challenges of Bucherer SA.\n· There will be no operational involvement by Rolex in the Bucherer business.\n· Rolex will appoint non-executive Board members.\n· There will be no change in the Rolex processes of product allocation or distribution developments as a consequence of this acquisition.\n \nAll 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.\n \nContacts\nThe Watches of Switzerland Group\nAnders Romberg, CFO +44 (0) 207 317 4600\nCaroline Browne, Group Finance Director &nbs...