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Swiss watch investors reduce stakes after Rolex deal

Catherine by Catherine
31/08/2023
in wrist watch news
ADVERTISEMENT

One of Watches of Switzerland Group Plc’s biggest investors reduced its stake in the UK-listed watch retailer less than 24 hours after Rolex SA decided to acquire rival Bucherer AG.

Edinburgh-based investment management firm Abrdn Plc sold 5 million shares on Friday, lowering its stake to 6.1% from 8.2%, according to a London Stock Exchange filing.

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Watches of Switzerland shares fell 21% on the day to a record high after analysts warned that Rolex may start switching its watch supplies to Bucherer instead of third-party sellers like Watches of Switzerland. Rolex announced the acquisition late Thursday.

Abrdn and Watches of Switzerland declined to comment.

Abrdn published a blog post last year about its Watches of Switzerland investment, saying the retailer’s partnerships with watchmakers such as Rolex allowed it to get better inventory allocations than rivals.

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Catherine

Catherine

I am Catherine Haggui, a distinguished Luxury Goods Specialist with over a decade of experience. As Director of Luxury Retail Strategies at a leading firm, I've cultivated a reputation for curating exclusive collections, elevating brand positioning, and exceeding sales targets. Renowned for my discerning taste and global market insights, I blend artistry and commerce to redefine luxury experiences. My work involves strategic partnerships, trend forecasting, and ensuring clients receive unparalleled access to the epitome of opulence.

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