Rolex to buy Bucherer in major retail move for Swiss brand

Rolex SA is buying luxury retailer Bucherer in a deal that will give the biggest Swiss watch brand a major presence in consumer sales for the first time. 

Bucherer, a Swiss company, has more than 100 stores worldwide and will continue to operate independently and keep its name, Rolex said in a statement. Financial terms were not disclosed.

The acquisition will pave the way for Rolex to begin widespread sales of its watches in its own stores for the first time. There is currently only one store in the world owned and operated by Rolex, located in its home city of Geneva. 

With more than 9 billion Swiss francs ($10.2 billion) in annual sales, Rolex is the top Swiss watch brand, producing more than 1 million timepieces per year.