Shares of Watches of Switzerland Group fell as much as 29% in early trade after Rolex agreed to buy watch retailer Bucherer in a deal that will give it more control over how its watches are sold.
Watches of Switzerland said Friday that it noted the deal and that it is a"best-judged reaction" to the succession challenges of Bucherer, noting that Jorg G Bucherer is 86 years old and had no family succession. Analysts at Shore Capital said the deal is unlikely to affect Watches of Switzerland in the short term given that there's little geographical overlap between Bucherer and the London-listed company. Bucherer stores are mostly around continental Europe, while Watches stores are mainly in the U.K. and U.S.
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