Watches
Rolex Seller Sheds $600 Million as Watchmaker Buys Retailer
- Watches of Switzerland falls as much as 30%, a record drop
- Analysts question future relationship with Rolex after deal
A Watches of Switzerland Group Ltd. retail store in London.
Photographer: Simon Dawson/BloombergThe UK’s biggest seller of Rolex watches lost nearly a third of its value on Friday after the Swiss brand bought Bucherer AG, taking its first major step into retailing.
Watches of Switzerland Group Plc shares fell as much as 30%, wiping out almost £500 million ($629 million) in market capitalization.