Jörg G. Bucherer, a billionaire from the third generation of one of the world's most distinguished watch and jewelry retail companies, passed away at the age of 87, just a few months after agreeing to sell the company to Rolex. The secretive heir behind the luxury stores that bear his name died on Monday, according to a company spokesman, who declined to provide further details.
Bucherer agreed to sell Bucherer AG to Rolex in August, a move that astonished the high-end retail watch industry. The company, founded by his grandfather, has been selling expensive watches and sparkling gemstones to the wealthy and global celebrities for over a century.
Neither company disclosed the terms of their deal, under which Bucherer remained the honorary president of the retail stores. Estimating the value was challenging since neither of the companies based in Switzerland has released their financial results. Bucherer's decision, as an octogenarian, to divest the family business that he had closely held for the sake of his more significant partner surprised the industry in part due to the extreme secrecy surrounding him and both companies, which have had intertwined histories for decades.
