Recently, the Swiss watch and jewelry retailer Bucherer confirmed that it will soon open China’s first directly operated Rolex store at Shanghai HKRI Taikoo Hui, though the exact opening date has not yet been announced.
This move marks Bucherer’s first expansion step since being acquired by Rolex in 2023 and signals a shift in Rolex’s strategy in the Chinese Mainland, as it moves away from relying solely on authorized dealers to manage the market. The development is expected to draw attention from Rolex’s long-term authorized dealers, who are keen to see if Bucherer is given preferential treatment during this expansion.
One of the highlights of the new store is a dedicated section on the second floor for selling certified pre-owned Rolex watches. In addition to selling new watches, the store will also engage in the trading and buying back of used Rolex watches, providing a comprehensive service experience.
In August 2023, Rolex Group announced its acquisition of Bucherer, retaining the Bucherer name and continuing independent operations with the same management team. Since 1924, Bucherer has been an official Rolex retailer. Over their 99-year partnership, the two companies have worked closely, contributing to each other’s success, a relationship that continues today.
For Bucherer, this represents a significant step forward. Although the company has jewelry distribution and wholesale operations for Carl F. Bucherer watches in China, it has yet to establish retail operations there.
It’s worth noting that the luxury market in the Chinese Mainland has been sluggish since the pandemic. Swiss watch exports reached a peak of CHF 3 billion in 2021 but dropped to CHF 2.8 billion in 2023, with a further 21% decline in the first eight months of 2024.
Nevertheless, the luxury industry remains optimistic about the future. Reports suggest that the government plans to introduce a stimulus package worth approximately $284 billion later this year, which could boost the luxury market. Following this news, luxury stocks like LVMH, Swatch Group, and Richemont saw gains last week.
| Source: Watch Pro, WAQT
| Image Credit: Rolex Official Website
| Editor: LeZhi
