A tray of Rolex watches are seen on a dealer's stand at the London Watch Show on March 19, 2022 in London, England. The Watches of Switzerland Group lost a quarter of its value on Friday morning, heading for the stock's worst day ever, after luxury watchmaker Rolex announced a deal to buy watch retailer Bucherer. Rolex said the acquisition for an undisclosed sum followed the decision of Bucherer owner Jorg Bucherer — the 86-year-old grandson of founder Carl Bucherer — to sell the business in the absence of any direct descendants to take the reins. In a subsequent statement on Friday, Watches of Switzerland attempted to soothe apparent market concerns that Bucherer, the world's largest luxury watch retailer, will seize more market share through its tie-up with the iconic brand. Watches of Switzerland insisted the acquisition was solely about succession planning for Bucherer and that Rolex — which is breaking with its modus operandi of acting solely as a manufacturer — is not making a "strategic move" into the retail market.

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Persons: Jorg Bucherer —, Carl Bucherer — Organizations: London, Switzerland Group, Rolex Locations: London, England, Geneva, Switzerland