Rolex buys Bucherer as Swiss brand looks to open stores

Rolex 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 of the deal were not disclosed.

Rolex to launch its own stores?

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 $10.2bn in annual sales, Rolex is the top Swiss watch brand, producing more than one million timepieces per year.