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Swiss luxury watchmaker Rolex has acquired watch retailer Bucherer to preserve the long-standing partnership between the two companies. This trade will be effective after the competition authorities have approved the transaction. Meanwhile, Rolex didn't disclose the cost of acquisition.
News of Bucherer's sale to Rolex has stunned the luxury world. The brand has a long history of springing surprises on the industry.
The announcement of the acquisition left investors worried that Rolex is planning a long-term shift away from using authorised partners for retail sales.
Brick-and-mortar retail is thriving in the luxury watch sector, as evidenced by the recent openings of new retail stores by Bucherer and Panerai.
/PRNewswire/ -- With the ongoing transition of Tourneau to Bucherer, Bucherer is excited to announce the reopening of its Flagship Boutique, TimeDome, in The...