Months after selling his company to Rolex, multibillionaire Jorg Bucherer, the head of a Swiss watch retailer, passes away

On Monday night, Jorg G. Bucherer, the third-generation leader of the Lucerne family company, passed away at the age of 87. Rolex purchased his watch chain and jewelry earlier this summer. The organization responded to inquiries from media outlets by confirming Bucherer’s passing. After taking over his father’s business in 1977, Mr. Bucherer began to expand, first into Germany and Austria. He made his name in New York, founded the biggest watch and jewelry store in the world in Paris, acquired companies in the US and the UK, and entered the market for pre-owned luxury timepieces.

According to the group, the brand employs 2,400 people and has over 100 specialty jewelry stores worldwide. The world of high-end watch retailing was shocked when Mr. Bucherer agreed to sell Bucherer AG to Rolex in August, according to Bloomberg. For over a century, the company that his grandfather founded had catered to the world’s affluent and famous by providing pricey watches and sparkling jewels.

The terms of the agreement, which kept Bucherer as the retailer’s honorary president, were kept a secret by the two companies. Since neither of the Switzerland-based firms released financial results, estimating was challenging. The industry was taken aback by the octogenarian Bucherer’s decision to sell the closely held family business to its most significant partner, in part due to the intense secrecy surrounding both the two businesses and his own, whose histories have been intricately linked for many years. The industry was taken aback by the octogenarian Bucherer’s decision to sell the closely held family business to its most significant partner, in part due to the intense secrecy surrounding both the two businesses and his own, whose histories have been intricately linked for many years. Rolex said in a statement regarding the agreement that Jorg Bucherer made his decision “in the absence of direct descendants.”

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