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(Alliance News) - Watches of Switzerland Group PLC on Friday said the acquisition by Rolex SA of Swiss watch retailer Bucherer SA will not change its relationship with Rolex, a key supplier.
Watches of Switzerland shares were down 22% at 544.00 pence early Friday in London.
Rolex on Thursday announced it will buy Bucherer to "preserve the close partnership ties that have linked both companies since 1924". Rolex noted that Jorg Bucherer, in the absence of direct descendants, had decided to sell the company.
Jorg Bucherer, 86 years old, is the grandson of founder Carl Bucherer, who had formed a partnership with Hans Wilsdorf, founder of Rolex.
The Bucherer chain has more than 100 sales outlets worldwide, of which 53 distribute the Rolex brand. Rolex said Bucherer will keep its name and continue to operate independently. Integration of Bucherer into Rolex awaits competition approval.
Watches of Switzerland on Friday said it the acquisition doesn't represent a strategic move into retail by Rolex, and there will be no change in the product allocation or distribution of Rolex watches.
Watches of Switzerland said it had this "confirmed by the highest level of Rolex management" in Geneva.
"The fruitful collaboration between Rolex and the other official retailers in its sales network will remain unchanged," Rolex had said on Thursday.
By Tom Waite, Alliance News editor
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