DIRS.INFO The most relevant business & tech news

☆ The pre-owned luxury watch market is thriving
▼ + stars: | 2024-04-24 | by ( Fawnia Soo Hoo | ) edition.cnn.com time to read: +11 min

Granted, the pandemic-induced second hand luxury watch boom peaked back in March 2022, but the market is still going strong, and price levels remain higher than pre-Covid times. “(They’re) a crucial demographic for the growth and evolution of the pre-owned and vintage luxury watch industry,” added Paul Altieri, founder & CEO of multi-brand online luxury marketplace Bob’s Watches. Don't be shy," said Dimepiece's Brynn Wallner of new buyers' potential nerves when it comes to luxury watch stores. How can you tell if a luxury pre-owned watch is the real deal? “Luxury watches of this caliber will go from one generation to the next to the next to the next,” he explained.

☆ Watches of Switzerland shares plunge 30% after guidance cut
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc's biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: Jose Sarmento Matos/Bloomberg via Getty ImagesWatches of Switzerland shares plummeted 30% on Thursday at 08:46 a.m. London time, after the luxury watch retailer cut its guidance for the 2024 fiscal year. Despite the market panic, analysts at both Jefferies and Investec reiterated their "buy" ratings on Watches of Switzerland stock in flash notes on Thursday. "However, the extent of the adjustments to the guidance range will be painful to navigate in the near term."

Persons: Jose Sarmento Matos, WOSG, —, Brian Duffy, Duffy, Investec Organizations: Omega SA, Switzerland Group, Switzerland Group Plc's, Rolex SA, Bucherer AG, Bloomberg, Getty, Switzerland, U.S, Rolex, Jefferies Locations: London, U.S, Switzerland

☆ Watches of Switzerland shares up 9.7% as retailer reiterates plan to double profit by 2028
▼ + stars: | 2023-11-07 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc's biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. The firm on Tuesday reported a tick up in revenue to £379 million ($467 million) from £374 million in the most recent quarter. Sales of watches rose, while jewellery declined. The stock took a particular hit in August, after rival Rolex announced a deal to buy watch retailer Bucherer, fueling fears of an industry juggernaut taking more market share.

Persons: Jose Sarmento Matos, Brian Duffy Organizations: Omega SA, Switzerland Group, Switzerland Group Plc's, Rolex SA, Bucherer AG, Bloomberg, Getty, Investors, Rolex Locations: London, Switzerland, U.S, Europe

☆ Watch Boutiques Blossom in the Digital Age
▼ + stars: | 2023-09-13 | by ( Victoria Gomelsky | ) www.nytimes.com time to read: +1 min

“As much as we’ve grown over the past five years, we’re expecting just as much in the next five years,” he said. (In 2022, the United States accounted for 15.7 percent of Swiss watch exports, making it far and away the industry’s No. Plenty of watchmakers would say the same about Europe, Asia and the Middle East. Saudi Arabia and Southeast Asia are two of the luxury watch world’s most alluring destinations at the moment. So let’s create some.”Despite their modest production volume compared with that of corporate brands, independent watchmakers are equally focused on opening physical stores.

Persons: Ira Melnitsky, we’re, ”, Chopard, Hublot, Zenith, ” Julien Tornare, Mr . Kern, Breitling, “, Edouard Meylan, Moser Organizations: Bucherer, Moser & Cie Locations: California, Hawaii, U.S, United States, Swiss, Europe, Asia, Shanghai, Vienna, Cyprus, Riyadh, Bangkok, Saudi Arabia, Southeast Asia, Schaffhausen, Hong Kong

☆ Watches of Switzerland shares plunge by a quarter after Rolex buys retailer Bucherer
▼ + stars: | 2023-08-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

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.

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

☆ Rolex’s deal is ticking time bomb for retailers
▼ + stars: | 2023-08-25 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

In the short term, these concerns look overstated, but Rolex’s move may still have called time on WoS’s business model. In that context, Friday’s slump in WoS shares looks excessive. That’s a modest sum relative to the enterprise value of 4 billion Swiss francs that Vontobel analysts believe Bucherer is worth. The news sparked a sharp sell-off in the UK-listed shares of Watches of Switzerland, a major retailer of Rolex watches. Watches of Switzerland shares were down more than 20% at 0933 GMT on Aug. 25.

Persons: –, WoS, Bucherer, Cartier, ”, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Rolex, Reuters Graphics Reuters, RBC, Piguet, Switzerland, Thomson Locations: Switzerland, London, Swiss

☆ Rolex wants more control of its retail sales — and the move has sent shares of a top luxury watch dealer down 21%
▼ + stars: | 2023-08-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rolex is taking over watch retailer Bucherer, giving the luxury giant more control over how its watches are sold, the WSJ reported. After the news, shares of Watches of Switzerland tanked 21%. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Bucherer, a 135-year old watch retailer based in Switzerland, runs more than 100 stores, with more than half selling Rolex products. In any case, the luxury watch market at large has gone through its own downturn in 2023.

Persons: Patek Philippe, Audemars, It's Organizations: Rolex, Service, Wall Locations: Switzerland, Wall, Silicon, London

☆ Rolex to Buy Watch Retailer Bucherer
▼ + stars: | 2023-08-24 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/retail/rolex-to-buy-watch-retailer-bucherer-cbbeaccd

Persons: Dow Jones

☆ Rolex certified pre-owned watches cost 25% more on average than those from traditional resellers
▼ + stars: | 2023-06-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Rolex last month expanded its certified pre-owned watch program from Europe to the US. Every model except the Daytona is at least 17% more expensive on average when certified by the Crown. Used watches that have the official stamp from Rolex currently command a 25% higher price on average across the portfolio, according to data from WatchCharts, a price-tracking platform for luxury watches. The CPO markup does not apply uniformly across all models, however: more popular watches appear to have a lower relative increase than less popular ones. With extremely constrained supplies of new watches and yearslong waitlists for certain models, the CPO program is essentially the only way to buy a Rolex on-demand from an authorized dealer.

Persons: — Organizations: Rolex, Crown, Service, CPO Locations: Europe, WatchCharts

☆ You can now buy secondhand Rolex watches as the luxury brand's certified pre-owned program hits the US
▼ + stars: | 2023-05-05 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Rolex introduced its certified pre-owned program to US customers on Wednesday. Starting this week, shoppers can buy pre-owned Rolex watches from an official Rolex reseller. "This new program, therefore, attests to the authenticity of these pre-owned Rolex watches at the time of resale by the Official Rolex Jewelers." Rolex first introduced its secondhand program to the world in December 2022, launching in countries including Switzerland, Germany, and France. Prior to the announcement, American watch collectors had to seek out resellers with authentication programs like Bob's Watches for pre-owned luxury watches.

☆ Rolex is starting to sell officially certified used watches
▼ + stars: | 2022-12-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Rolex officially launched a program for certified pre-owned watches in December. Last week, the Swiss company launched a "Certified Pre-owned Programme" for watches that are at least three years old. Now, certified pre-owned watches will be minted with the brand's official insignia as well. Its aim is to bring added value to the existing supply of pre-owned Rolex watches. While prices for second-hand luxury watches have dropped considerably over the past few months, they haven't completely wiped out their pandemic gains.

Search resuls for: "Bucherer"

11 mentions found