Jörg G. Bucherer, the billionaire heir to one of the world’s most prestigious watch and jewelry retailers, has died at the age of 87. His passing comes shortly after he agreed to sell his family’s business, Bucherer AG, to Rolex. The spokesperson for Bucherer AG did not provide any additional information regarding his death.
The sale of Bucherer AG to Rolex in August was unexpected in the high-end watch retail industry. Bucherer AG, established by Jörg Bucherer’s grandfather, has been catering to affluent clientele for over a century, offering luxurious timepieces and exquisite gems. The terms of the deal between the two companies were not publicly disclosed, making it difficult to estimate its value as both firms generally keep their financial results private.
Jörg Bucherer’s decision to sell the family business to long-time partner Rolex surprised many in the industry. The secrecy surrounding both Bucherer and Rolex, as well as their intertwined histories, added to the element of surprise. Rolex stated in a release that Jörg Bucherer made the decision “in the absence of direct descendants.” The sale required approval from authorities, and it remains unknown if it has been finalized. Furthermore, Bucherer’s plans for utilizing the proceeds from the sale are undisclosed, as the company has always prioritized discretion.
The sale signifies the end of dynastic control over the Bucherer brand, which includes renowned jewelry and watch brands like Rolex, Carl F. Bucherer, Chopard, and Blancpain. Rolex has not yet issued a statement regarding Jörg Bucherer’s demise.
The Bucherer family business originated in 1888 when Carl-Friedrich Bucherer and his wife Luise established a shop in Lucerne. Their sons, Ernst and Carl Eduard, joined the business in the 1920s and formed a partnership with Rolex founder Hans Wilsdorf in 1924. This collaboration allowed Bucherer to carry the Rolex brand. Wilsdorf, who had no direct heirs, later established a foundation in his name that took ownership of Rolex. Jörg Bucherer assumed management of Bucherer in 1977 and played a pivotal role in its expansion, opening stores in Austria, Germany, Paris, London, Copenhagen, and the United States.
Jörg Bucherer was famously private and avoided media interviews, keeping a low profile. The company’s website only briefly acknowledges his role, and according to French corporate filings, he is identified as a Swiss national.
The passing of Jörg G. Bucherer is a significant loss for the watch and jewelry industry. His legacy as a pioneering figure in the luxury retail sector will endure. The future of Bucherer AG under Rolex’s ownership remains uncertain, and watch enthusiasts worldwide will eagerly observe how the brand evolves.
Useful links:
1. Bucherer AG Official Website
2. Rolex Official Website
