Rolex will purchase luxury watch and jewelry retailer Bucherer, which operates more than 100 stores globally, including 34 U.S. stores under the Tourneau banner. The companies didn’t reveal financial details of the purchase, according to reporting in the Wall Street Journal. Bucherer, a 135-year-old Swiss-based business, will keep its name and continue to run its business independently.
Rolex’s move into retail is a new direction for the company, which currently operates just one brick-and-mortar location of its own, in Geneva, Switzerland. Rolex said its partnerships with other retailers won’t change following the acquisition, according to the WSJ.
This is the second major acquisition in the luxury space in recent weeks. Earlier in August, Coach owner Tapestry paid approximately $8.5 billion to buy Capri Holdings, owner of the Versace, Jimmy Choo and Michael Kors brands. These deals could indicate more consolidation is on the way in this sector. That’s even though spending on luxury goods grew approximately 20% in 2022, according to Bain & Company, and was forecasted to continue increasing throughout 2023.