Watches of Switzerland shares plunge by a quarter after Rolex buys retailer Bucherer
Publishing timestamp: 2023-08-25 09:32:54
Summary
Luxury watchmaker Rolex has announced its acquisition of watch retailer Bucherer. This has caused concerns in the market, leading to a significant drop in the stock value of Watches of Switzerland Group. However, Watches of Switzerland has attempted to reassure the market that the acquisition is solely about succession planning for Bucherer and not a strategic move by Rolex into the retail market.
Sentiment: MIXED
Tickers: WOSG-GB,
Keywords: retail industry, breaking news: investing, business news, markets, apparel retail, investment strategy, watches of switzerland group plc, luxury, breaking news: business, switzerland, breaking news: markets,