Bucherer is set to broaden its presence beyond its traditional markets in Europe and the United States by opening a new Rolex showroom in Shanghai, China.
According to a report from xbiao.com, a Chinese luxury watch blog, the exclusive Rolex store will be located in the HKRI Taikoo Hui mall in Shanghai. Bucherer headquarters confirmed the announcement to WatchPro this morning, although they did not provide any further details regarding the opening.
Rolex’s global website includes the Shanghai store on its list of authorized dealers, identifying it as Bucherer Trading (Shanghai) Co. Ltd. However, the store has yet to open, and no official date for the grand opening has been announced.
This marks Bucherer’s first retail venture in China since the company was acquired by Rolex in 2023, a move that may cause concern among Rolex’s established network of authorized dealers, who may fear that Bucherer will receive preferential treatment for expansion opportunities.
The opening is a significant milestone for Bucherer, which has previously operated wholesale distribution for its jewelry and Carl F. Bucherer watches in China but lacked a retail footprint in the region.
Mainland China’s luxury market has faced challenges since the pandemic. Swiss watch exports reached an annual peak of CHF 3 billion in 2021 but fell to CHF 2.8 billion in 2023, with a further 21% decline noted during the first eight months of 2024.
Despite these challenges, there is renewed optimism for the luxury sector, bolstered by reports of a government stimulus package valued at approximately $284 billion, expected to be introduced later this year. Following this news, luxury stocks for major players like LVMH, Swatch Group, and Richemont saw a slight increase last week.
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