{"id":14405,"date":"2023-08-25T09:26:00","date_gmt":"2023-08-25T09:26:00","guid":{"rendered":"https:\/\/isafespend.com\/investing\/watches-of-switzerland-plunges-26-on-news-of-rolex-bucherer-deal\/"},"modified":"2023-08-25T09:26:01","modified_gmt":"2023-08-25T09:26:01","slug":"watches-of-switzerland-plunges-26-on-news-of-rolex-bucherer-deal","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=14405","title":{"rendered":"Watches Of Switzerland Plunges 26% On News Of Rolex-Bucherer Deal"},"content":{"rendered":"<div>\n<p>FTSE 250-listed Watches of Switzerland plummeted on Friday on news that timepiece manufacturer Rolex is to enter the retail market.<\/p>\n<p>At 510.5p per share, the luxury watch retailer was 26% lower in end-of-week business.<\/p>\n<p>On Thursday afternoon Rolex announced it will buy fellow Swiss company Bucherer, a major vendor of its high-priced products. The 135-year-old retailer owns 36 stores across the UK, Germany, France, Austria, Denmark and its main market of Switzerland.<\/p>\n<p>The Bucherer deal marks Rolex\u2019s first foray into the retail market. The business also sells a wide range of other luxury brands including Omega, Breitling and Cartier, as well as its own-branded jewellery items.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>Business As Usual?<\/strong><\/h2>\n<p>On Friday, Watches of Switzerland tried to assuage investor fears by advising that the Bucherer transaction \u201cis not a strategic move into retail by Rolex.\u201d<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>It a statement to the market, it said \u201cthere will be no operational involvement by Rolex in the Bucherer business\u201d and that product allocation and distribution methods will remain unchanged following the takeover. Rolex will appoint non-executive board members to the retailer\u2019s board.<\/p>\n<p>Watches of Switzerland said that these details were confirmed \u201cby the highest level of Rolex management at Rolex HQ in Geneve and locally in the UK and US.\u201d<\/p>\n<p>The British firm described the deal as \u201cthe best-judged reaction to the succession challenges of Bucherer.\u201d It noted that 86-year-old owner Jorg G Bucherer has no family succession plans in place.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">A Recent Success Story<\/h2>\n<p>Recent rapid expansion means that Watches of Switzerland had 193 stores in its portfolio as of April. 143 of these were located in the UK and Mainland Europe, with the remainder installed in the US.<\/p>\n<p>Sales have rocketed 238% (at constant currencies) in the past five years and hit record peaks of \u00a31.54 billion in the 12 months to April.<\/p>\n<p>The retailer makes almost 90% of income through the sale of luxury watches, with Rolex being one of its key suppliers. One of the FTSE 250 firm\u2019s new flagship projects is its Old Bond Street Rolex boutique in London, which is due to open next summer.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/roystonwild\/2023\/08\/25\/watches-of-switzerland-plunges-26-on-news-of-rolex-bucherer-deal\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTSE 250-listed Watches of Switzerland plummeted on Friday on news that timepiece manufacturer Rolex is to enter the retail market. At 510.5p per share, the luxury watch retailer was 26% lower in end-of-week business. On Thursday afternoon Rolex announced it will buy fellow Swiss company Bucherer, a major vendor of its high-priced products. The 135-year-old<\/p>\n","protected":false},"author":1,"featured_media":14406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-14405","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Watches Of Switzerland Plunges 26% On News Of Rolex-Bucherer Deal | iSafeSpend<\/title>\n<meta name=\"description\" content=\"FTSE 250-listed Watches of Switzerland plummeted on Friday on news that timepiece manufacturer Rolex is to enter the retail market. 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