The Swiss watch company, which had already distributed through Bucherer since 1924, has now taken over the entire company. Bucherer’s main competitor, Watches of Switzerland, has plunged its shares on the stock market.

Rolex makes a move in the watchmaking sector. The Swiss watch company has acquired the distributor Bucherer, although the cost of the operation has not been disclosed. After the purchase, Bucherer‘s main competitor, Watches of Switzerland, has plummeted its shares on the London Stock Exchange by more than 25%, according to Bloomberg.

The operation has taken place by decision of the president of the distribution company, Jorg Bucherer, who at 87 years old and in the absence of descendants to take over the firm, has chosen to part with it. The Swiss company had already been distributing through Bucherer since 1924, being one of the company’s main distributors.

The company has now taken over the company, but will not be actively involved in the business and will not be making any appointments to the company’s board. In total, Bucherer has more than 100 points of sale around the world, 53 of which distribute Rolex products. The same stores where Rolex is located also offer after-sales service for consumers.

Rolex has assured that it will not actively participate in the business and will not make appointments to the company’s board.

The Swiss watch company is one of the world’s largest manufacturers of watches and employs around 14,000 people directly. The group is also an athlete sponsor and in tennis, Rolex is the official timekeeper of some of the tennis Grand Slams. In addition, he has a great presence, also in sports such as golf or Formula 1.

Rolex currently has three production factories located in the Swiss cities of Chene-Bourg, Plan-les-Ouates and Biel, a movement production factory in Bienne and an assembly plant in Geneva, where its headquarters are located. The company was registered in this Swiss city in 1920 by Hans Wilsdorf.