TIDMWOSG
RNS Number : 4550K
Watches of Switzerland Group PLC
25 August 2023
25 August 2023
Watches of Switzerland Group PLC
The Watches of Switzerland notes the announcement of the
acquisition of Rolex SA of Bucherer SA and comments as follows:
Bucherer is a long-standing retail partner of Rolex, one of the
largest globally (alongside The Watches of Switzerland Group) and
the major retailer in the important Swiss market. Mr Jorg G
Bucherer is 86 years old and is the grandson of the founder Carl F
Bucherer. The co-operation and partnership between Hans Wilsdorf,
the founder of Rolex and Carl F Bucherer is chronicled in the
official Rolex history (from 1924).
Mr Bucherer has no family succession and his wishes are to form
a legacy foundation with the proceeds of this transaction.
-- This is not a strategic move into retail by Rolex. This is
the best-judged reaction to the succession challenges of Bucherer
SA.
-- There will be no operational involvement by Rolex in the Bucherer business.
-- Rolex will appoint non-executive Board members.
-- There will be no change in the Rolex processes of product
allocation or distribution developments as a consequence of this
acquisition.
All of the above is reviewed and confirmed by the highest level
of Rolex management at Rolex HQ in Geneve and locally in the UK and
US.
Contacts
The Watches of Switzerland Group
Anders Romberg, CFO +44 (0) 207 317 4600
Caroline Browne, Group Finance Director
+44 (0) 1162 817 420
investor.relations@thewosgroup.com
Headland
Lucy Legh / Rob Walker / Joanna Clark +44 (0) 20 3805 4822
wos@headlandconsultancy.com
About the Watches of Switzerland Group
The Watches of Switzerland Group is the UK's largest luxury
watch retailer, operating in the UK, US and Europe comprising five
prestigious brands; Watches of Switzerland (UK and US), Mappin
& Webb (UK), Goldsmiths (UK), Mayors (US) and Betteridge (US),
with a complementary jewellery offering.
As at 30 July 2023, the Watches of Switzerland Group had 202
showrooms across the UK, US and Europe including 87 dedicated
mono-brand boutiques in partnership with Rolex, OMEGA, TAG Heuer,
Breitling, TUDOR, Audemars Piguet, Grand Seiko, BVLGARI and FOPE
and has a leading presence in Heathrow Airport with representation
in Terminals 2, 3, 4 and 5 as well as seven retail websites.
The Watches of Switzerland Group is proud to be the UK's largest
retailer for Rolex, OMEGA, Cartier, TAG Heuer and Breitling
watches.
www.thewosgroupplc.com
Disclaimer
This announcement has been prepared by Watches of Switzerland
Group PLC (the 'Company'). It includes statements that are, or may
be deemed to be, "forward-looking statements". These
forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes",
"estimates", "anticipates", "expects", "intends", "plans", "goal",
"target", "aim", "may", "will", "would", "could" or "should" or, in
each case, their negative or other variations or comparable
terminology. They appear in a number of places throughout this
announcement and the information incorporated by reference into
this announcement and may include statements regarding the
intentions, beliefs or current expectations of the Company
Directors or the Group concerning, amongst other things: (i) future
capital expenditures, expenses, revenues, earnings, synergies,
economic performance, indebtedness, financial condition, dividend
policy and future prospects; (ii) business and management
strategies, the expansion and growth of the Group's business
operations; and (iii) the effects of government regulation and
industry changes on the business of the Company or the Group.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and may be
beyond the Company's ability to control or predict. Forward-looking
statements are not guarantees of future performance. The Group's
actual results of operations, financial condition, liquidity, and
the development of the industry in which it operates may differ
materially from the impression created by the forward-looking
statements contained in this announcement and/or the information
incorporated by reference into this presentation.
Any forward-looking statements made by or on behalf of the
Company or the Group speak only as of the date they are made and
are based upon the knowledge and information available to the
Directors on the date of this announcement, and are subject to
risks relating to future events, other risks, uncertainties and
assumptions relating to the Company's operations and growth
strategy, and a number of factors that could cause actual results
and developments to differ materially from those expressed or
implied by the forward-looking statements. Undue reliance should
not be placed on any forward-looking statements.
Before making any investment decision in relation to the Company
you should specifically consider the factors identified in this
document, in addition to the risk factors that may affect the
Company or the Group's operations as detailed above.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
RSPPAMFTMTJTMRJ
(END) Dow Jones Newswires
August 25, 2023 02:45 ET (06:45 GMT)
Watches Of Switzerland (LSE:WOSG)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Watches Of Switzerland (LSE:WOSG)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
