Rolex Buys Bucherer: Acquisition Approved by European Regulators

Rolex publicly announced their plans to buy the high-end jewelry retailer Bucherer in August of 2023, and that deal has now been approved by European regulators (COMCO), as reported by SRF. There was never any particular reason to doubt that the deal would get done, but it’s still noteworthy that the Rolex Bucherer acquisition is proceeding.

The Commission concluded that the notified transaction would not raise competition concerns, in particular because of the presence of alternative suppliers and retailers in the countries of the European Economic Area where both parties are active. The notified transaction was examined under the normal merger review procedure.

European Commission

According to Philip Meyer of SRF, the deal is approved “without conditions.” Speculation can now begin about what changes will happen to the Rolex supply chain, if any. The Rolex Bucherer acquisition was big news when it was announced, and some are convinced that it’s a ruthless business decision designed to put pressure on their competitors. But it’s possible it was more of a defensive move.

Long Relationship

Bucherer has been a Rolex authorized dealer for over a century, and Hans Wilsdorf was friends with Ernst Bucherer. Ernst’s son Jörg died without heirs (as Wilsdorf did), and it’s likely that Rolex wanted to keep it out of the hands of a competitor like LVMH. Rolex sales in 2023 were still incredibly strong, so personally I find it unlikely that Rolex will change up their strategy drastically anytime soon.

Scope of the Bucherer Network

Notably, only about half of Bucherer’s 100+ stores sell Rolex currently. Same for Tudor. It wouldn’t be surprising to see that number go up. Rolexes are sold at about 1,300 locations worldwide, so Bucherer represents roughly 4% of their retail network.

Bucherer Makes Movements

We’ve previously noted that this Rolex acquisition includes Bucherer’s movement manufacture. They make perpetual calendars, tourbillons, and even minute repeaters–none of which are complications that Rolex has ever done. It’s quite possible that those movements will just keep going into Carl F. Bucherer watches, but it would certainly make waves if they started making their way into new complicated Rolexes.

The world of physical in-person retail is challenging these days, but if anyone can be a good steward of Bucherer, it’s Rolex. Time will tell if getting on the Rolex waiting list at a Bucherer will be any different than at any other authorized dealer.

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