Secretive Swiss billionaire Jorg Bucherer shocked the industry by agreeing to sell his family’s $7 billion business because he had no direct descendants to inherit.
Over more than a century, three generations of Bucherers built one of the most exclusive watch and jewellery retailers in the world, selling expensive timepieces and glittering gems to the global rich and famous.
The octogenarian Bucherer’s decision to dispose of the closely held family business took the industry by surprise partly because of the intense secrecy surrounding himself and the two watchmakers, whose histories have been closely entwined for decades. In a statement about the agreement, Rolex said his choice was made “in the absence of direct descendants”.for the first time, a strategic shift from reliance on external distributors.
What’s clear is that the move will put an end to dynastic control over the purveyor of pricey jewellery and watch brands including Rolex, its own Carl F. Bucherer, Chopard and Blancpain. The business traces its roots to 1888 when entrepreneur Carl-Friedrich Bucherer and his wife Luise opened a shop in Lucerne, according to the company’s website.
Jorg Bucherer has never been known to give a media interview and is mentioned only briefly on the company’s website. A French corporate filing lists him as a Swiss national.
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