Beaverbrooks will unveil a new retail brand this year after it completes acquisitions of two Fraser Hart stores with Rolex accounts.
The new name has not yet been disclosed, but Beaverbrooks chairman Mark Adlestone OBE told WatchPro this week that there will be a fresh luxury concept launched for stores that stock Rolex.
Along with the two Fraser Hart stores, Beaverbrooks is also a majority shareholder in Whittles, a family-owned jeweller in Preston, a Rolex authorised dealer.
Beaverbrooks revealed late last year that it was in negotiations to buy three Fraser Hart stores, but a store in Cardiff is no longer going to be part of the deal.
Negotiations were put on hold in March as the Covid-19 pandemic shut down retail across the UK, but are moving forward again now, according to Beaverbrooks managing director Anna Blackburn.
“We cannot go into detail. What we can say is that the deal now will be for two stores rather than three. We cannot comment on the store we are not taking in Cardiff, because it is not ours. We are moving forward with Croydon and Milton Keynes, and they will remain Rolex stockist when they become Beaverbrooks stores,” Ms Blackburn confirms.
Becoming a Rolex stockist is a long-held ambition for Beaverbrooks and paves the way to launch a fresh luxury retail concept under a new name, but Ms Blackburn is keen to stress that it will only be a small part of the overall group’s business.
“It is very early days so, while we agree it will be transformational and we expect the stores we take on are going to be massively successful, it is only a part of our business. We will have three Rolex stores [including Whittles], but we must make sure our core Beaverbrooks focus is retained,” she says.
Beaverbrooks was prompted to confirm it was in talks to buy stores from Fraser Hart after The Watches of Switzerland revealed in December last year that it was finalising a deal to buy four stores for around £31.7 million.
Beaverbrooks offers a broad spectrum of jewellery and watch brands ranging from Michael Kors and Olivia Burton up to Omega, TAG Heuer, Breitling and Parmigiani.
The top end of its jewellery range includes its own Beyond Brilliance diamond brand with the most expensive pieces priced from £15,000 to £30,000.