The Watches of Switzerland Group lost a quarter of its value on Friday after luxury watchmaker Rolex announced a deal to buy watch retailer Bucherer.
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In its statement, Watches of Switzerland noted that Jorg 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. Rolex will appoint non-executive Board members. There will be no change in the Rolex processes of product allocation or distribution developments as a consequence of this acquisition."
"Watches of Switzerland's efforts to reassure the market that there will be no change in how Rolex allocates stock have fallen on deaf ears," Mould said in an email.Mould noted that a trend had emerged among various product manufacturers, including big sportswear brands, of selling directly to consumers, in turn learning more about customer preferences and growing margins by cutting out retailers.
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