Watches of Switzerland has been forced to reassure investors that it can retain a leading position in luxury retail as it emerged that its big rival would be acquired by Rolex.
The company pushed out an announcement to the London Stock Exchange yesterday when its share price tumbled on news of Rolex’s deal to buy its competitor Bucherer.
Rolex said it was buying Bucherer to shore up its longstanding retail partner after Jorg Bucherer, its 86-year-old owner, decided to sell the business.
Watches of Switzerland’s shares fell 20.9 per cent, or 145p, to 548½p as the uncertainty prompted a sell-off.
Watches of Switzerland is one of the leading sellers of Rolex, Omega and Breitling watches in the UK. The FTSE-250 retailer has close to 200