When Rolex bought Bucherer almost three years ago, every one of its authorised dealers across the world took a sharp intake of breath and wondered whether the goose that had been laying golden eggs for decades was about to be snatched away.
Rolex sought to quell concerns. “The fruitful collaboration between Rolex and the other official retailers in its sales network will remain unchanged,” it said in the official press release announcing its acquisition of Bucherer in August 2023.
This position was re-stated in November last year when Rolex CEO Jean-Frédéric Dufour, speaking at Dubai Watch Week, addressed rumours that the business could gradually replace its global network of retail partners by expanding the reach of Bucherer.
“We have no intention of growing Bucherer,” he said.
“Partnerships with the best retailers is how Rolex built its success. Bucherer is a small part of our business, and we have learnt more about retail from owning it, but we trust partners to represent Rolex to the very best of their ability.”
Most evidence over the past three years has supported this position.
When Rolex wanted to open a UK flagship in London, it worked with Watches of Switzerland Group to open on Bond Street.
Lunn’s in Belfast got the green light to open a Rolex boutique at its Queen’s Arcade home.
Laings opened on Buchanan Street in Glasgow with side-by-side Rolex and Patek Philippe spaces.
Preston Group is trebling the size of its Rolex boutique in Leeds.
A vast new Rolex showroom on Rodeo Drive in Los Angeles was built by its existing partner, Geary’s.
Family-run London Jewelers has opened a monobrand store in Short Hills, New Jersey, a standalone Rolex house in the Hamptons and a vast new showroom at its Long Island flagship in Manhasset.
The 1916 Company has been investing millions in expanding its Rolex and Rolex CPO stores and infrastructure.
Watches of Switzerland-owned Mayors has added bigger Rolex shop-in-shops and new boutiques across the south-eastern United States.
Reeds has been doing the same further north on the Atlantic seaboard.
The Hour Glass in Singapore and Ahmed Seddiqi & Sons in Dubai are putting tens of millions of dollars behind their guardianship of the Rolex brand in their territories.
Everywhere you look, Rolex ADs are continuing to invest on the assumption that they will remain partners with the brand for many years to come.
The past month may begin to shake that confidence.
Starting with Stuttgart, and this week extending to the Swiss Alps and Shanghai, Rolex has been opening boutiques with Bucherer.
And the biggest opening this year, the Rolex flagship on New York’s 5th Avenue, is also nailed on — although not yet officially confirmed — to be run by Bucherer.
WatchPro’s position on the potential expansion of Bucherer as the favoured path to growth by Rolex has not changed.
We take the original statement, from when Rolex bought Bucherer, and subsequent comments by Mr Dufour, at face value.
However, what is apparent is that Rolex wants its watches to be sold through bigger, more lavish, experiential showrooms with hospitality, service and Certified Pre-Owned expanding the offering and elevating the experience for customers.
This requires investment running to 8-figure sums in many instances; the operational infrastructure to build on some of the most expensive and complex streets in the world; and the willingness to build sophisticated authorised service centres.
Over time, it is likely there will be fewer doors as smaller stores, likely those offering Rolex from multibrand locations, make way for large boutiques.
This has already been seen on London’s Bond Street and New York’s 5th Avenue, where Wempe’s historic showrooms lost the brand in preparation for Rolex flagship openings.
Bucherer Rolex Stuttgart
In Stuttgart, there are still three independent Rolex ADs in addition to a new 5,275 square foot store opened by Bucherer last month.
It offers Rolex, Rolex CPO and Bucherer fine jewellery over two floors.
Bucherer Rolex Shanghai
In Shanghai, Bucherer opened its second Rolex boutique this week, with a Zhangyuan showroom joining a store that opened at the end of 2024, but there are also eight other points of sale in city run by other partners, including Oriental Watch and Emperor, which have over 110 watch and jewellery showrooms between them across China and Hong Kong.
A new Rolex boutique at the top of Switzerland’s Titlis mountain, simply looks like an opportunity a retailer like Bucherer, even when it was independent, would not have resisted.
There is no sign that independent retailers are losing faith with Rolex or that Rolex is breaking its deal with its partners. Quite the opposite. But they are on notice: continue to invest in the brand with grander properties and ever-improving service or Bucherer will be given the opportunity to do it instead.
Smaller independents may struggle to make this transition, but the biggest — Bucherer among them — will grow.
