Jeweller - September 2023

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News Watch industry left stunned: Rolex acquires retailer Bucherer in major deal Luxury juggernaut Rolex has shocked the international watch industry by announcing the acquisition of Swiss retailer Bucherer. The company began in 1888 when Carl-Friedrich Bucherer opened a store in Lucerne. Bucherer has remained within the family until now, expanding its store count to approximately 100, with annual sales estimated at $AU4.1 billion. The retailer is chaired by 87-year-old billionaire Jöerg G. Bucherer. The details of the deal with Rolex have not been disclosed. “To preserve the long-standing partnership between the two companies and perpetuate their shared history, Rolex has decided to acquire Bucherer," a statement from Rolex reads. "The watch retailer will keep its name and continue to operate independently. “Rolex and Bucherer share a long history. Bucherer has been an official retailer of the Rolex manufacture since 1924. "The professional relationship, friendship ties and mutual respect have endured to this day." According to reporting by Reuters, share prices for Watches of Switzerland declined by almost 30 per cent in a single day following the Rolex announcement. Watches of Switzerland released a statement affirming that Rolex’s takeover of Bucherer was not a strategic move towards retail. Indeed, many industry figures were shocked at the timing of the announcement. “If the watch industry was snoozing through the dog days of summer, Rolex just woke it up. On Thursday, the Swiss watchmaker announced that it had agreed to purchase Bucherer, the international watch and jewellery retailer that owns more than 100 stores in Switzerland, the US, England, Germany, France, Denmark, and Austria,” writes Justin Fenner of Robb Report. “The announcement caught the horological world by surprise — after all, lots of the European business community is on vacation this month, and the biggest news in this industry generally gets shared during a few tentpole events.” With fears that the acquisition may lead to Bucherer stores getting preferential treatment compared with other retailers, the statements from Rolex and Watches of Switzerland have been questioned. Russ Mould, investment director of AJ Bell, told CNBC that investors were concerned that Rolex’s plans for Bucherer may be subject to change. “Watches of Switzerland’s efforts to reassure the market that there will be no change in how Rolex allocates stock have fallen on deaf ears. This is what Rolex might have promised now, but that could easily change in the future,” Bell said. Rolex chose Bucherer as its partner for the certified second-hand program, which launched earlier this year.
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Page 4 and 5: Loose Diamonds Wholesaler & Desert
Page 6 and 7: SapphireDreams.com.au
Page 11 and 12: SEPTEMBER 2023 Contents This Month
Page 13 and 14: CONTACT US
Page 15 and 16: Editor’s Desk What's in a name? T
Page 17 and 18: 18 - 22 SEPTEMBER 2023 @ AsiaWorld-
Page 19 and 20: Palloys Diamonds A Cut Above! Choos
Page 21 and 22: News Jewellery Industry Network: Di
Page 23 and 24: For all wholesale queries and order
Page 25 and 26: SEE YOU AT: 2023 INTERNATIONAL JEWE
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Page 29 and 30: Introducing Clear Neutral In an age
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Page 40 and 41: 2023 International Jewellery Fair |
Page 42 and 43: 10 Years Ago Time Machine: Septembe
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Page 46 and 47: To schedule an appointment, please
Page 48 and 49: COLOUR DIAMONDS FEATURE Fancy or no
Page 50 and 51: MILESTONE AUCTIONS The Fanciest of
Page 52 and 53: Fancy or not Fancy? | COLOR DIAMOND
Page 54 and 55: JULIET PINK DIAMOND 30.03-carat fan
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Page 63 and 64: WHITE METALS Trends & Opportunities
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Page 69 and 70: MELBOURNE LET’S GO! FEBRUARY 4 -
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Page 78 and 79: OPINION Soapbox Value from virtue:
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Jeweller - September 2023

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