The takeover of the watch and jewelry retailer Bucherer by Rolex is well received by the industry giant Swatch. “We congratulate Rolex on this purchase, which was absolutely foreseeable,” said a Swatch spokesman “Switzerland at the weekend”. The takeover is also in the interests of Swiss industry.
It was “the best solution given the lack of a natural successor from the Bucherer family,” the spokesman told the newspaper. “On the other hand, selling Bucherer to foreign groups or to private equity firms would have been a very bad solution.”
No information was given about the financial details of the acquisition when the announcement was made. However, the purchase price is likely to be “slightly higher” than Bucherer’s estimated annual sales of around CHF 2 billion, the article says. Approval by the competition authority should be “a mere formality”. (dpa)