The Watches of Switzerland Group
lost a quarter of its value on Friday morning, heading for the stock’s worst day ever, after luxury watchmaker Rolex announced a deal to buy watch retailer Bucherer.
Rolex said the acquisition for an undisclosed sum followed the decision of Bucherer owner Jorg Bucherer — the 86-year-old grandson of founder Carl Bucherer — to sell the business in the absence of any direct descendants to take the reins.