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Rolex has announced that it is set to buy fine jewellery brand Bucherer for an undisclosed amount.
Rolex said the decision to buy Bucherer was made after the family controlling the retailer decided to sell.
Current owner Jorg G Bucherer has no family succession and his wishes are to form a legacy foundation with the proceeds of this transaction.
There will be no operational involvement by Rolex in the Bucherer business but Rolex will appoint non-executive board members.
The move will give Rolex control of more than 100 Bucherer stores worldwide and the boutiques are expected to continue to operate independently, keeping the Bucherer name.
