For more than a century, three generations of Bucherer have built one of the most exclusive watch and jewelry retailers in the world, selling expensive watches and sparkling gemstones to the rich and famous around the world.
Now Jörg G. Bucherer, the mysterious 87-year-old Swiss billionaire chairman and chairman behind the eponymous luxury boutique, has agreed to sell Bucherer arrive Rolex The move shocked the high-end watch retailing world.
The companies did not disclose the terms of the deal, and reaching an estimate was not easy because neither Swiss company has released financial results.
Jean-Philippe Bertschy, an analyst at Vontobel Holding AG, estimates that Bucherer generates around 2 billion Swiss francs ($2.3 billion) in annual sales from its more than 100 stores, giving the company an enterprise value of up to 4 billion Swiss francs. He estimated Bucherer accounted for about 5% of Rolex sales.
The octogenarian Bucherer’s decision to sell the minority-controlled family business has taken the industry by surprise, partly because his history with the two watchmakers has been closely linked for decades. In a statement about the agreement, Rolex said his choice was made “without direct descendants.”
Through the acquisition of Bucherer, Rolex has occupied an important position in the field of consumer sales for the first time, which is a strategic change in its dependence on external distributors. The only boutique currently owned and operated by Rolex in the world is located in its hometown of Geneva.
read more: Rolex’s Acquisition of Bucherer Disrupts Luxury Watch Retailing
Authorities still need to approve the deal, which UBS Group AG described as The largest wealth transfer in history Over the next two decades, as business founders and investors aged. But it is unclear where Bucherer plans to use the proceeds from the sale. A company spokesman declined to provide any details beyond Rolex’s statement, adding that Bucherer “has always been a very cautious company.”
What is clear is that the move would end dynastic control over suppliers of expensive jewelry and watch brands such as Rolex, Bucherer, Chopard and Blancpain. The company’s business dates back to 1888, when entrepreneur Carl-Friedrich Bucherer and his wife Luise opened a shop in Lucerne. website.
Their sons Ernst and Carl Eduard joined the company in the early 1920s, and Ernst struck a deal with Rolex founder Hans Wilsdorf in 1924 to add the brand to its product line. The third generation Jörg took over management in 1977 and expanded to Austria in the 1980s and Germany a decade later. Bucherer opened its flagship store in Paris in 2013 and has already entered London, Copenhagen and the United States.
Jörg Bucherer has never been interviewed by the media and is only briefly mentioned on the company website. A French company filing lists him as a Swiss citizen.
German-born Rolex founder Wilsdorf (Wilsdorf) created a Base He took over ownership of the company in his name in 1945, according to company materials website. He died in 1960, also without any direct descendants.
In a statement announcing the deal on Thursday, Rolex said, “Jörg Bucherer is the last active person who knew and worked with Hans Wilsdorf,” It added that Bucherer would remain on as the retailer’s honorary president.
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