The Geneva-based luxury watch manufacturer Rolex buys the watch and jewelry retailer Bucherer. He takes over more than 100 jewelry stores worldwide. Jörg Bucherer decided to sell his company due to the lack of direct descendants, the watch manufacturer announced on Thursday. As a result, Rolex decided to take over the previously independent dealer from Lucerne. The Bucherer brand will continue to operate independently and keep its name. The sale will take effect when the Swiss Competition Commission gives the green light.

Bucherer has been selling Rolex watches in its branches for over 90 years. The company operates jewelry and watch stores in Switzerland, the USA, Great Britain, Germany, France, Denmark and Austria.