Jörg Bucherer died at the age of 87.
The Swiss billionaire, who owes his fortune to the family’s watch and jewelry business of the same name, died on Monday, a company spokesman said, according to several media reports. No further details such as the cause were given.
Just last August, Bucherer agreed to sell his company to Rolex, another major player in the watch business. This was the first time that the family business founded by Bucherer’s grandfather was sold to an external party. According to reports, the decision was made because Bucherer had no successors. It is not known how much the takeover cost Rolex.
Jörg Bucherer has headed Bucherer AG since 1977.
This translated and edited post previously appeared on FashionUnited.nl.