In a power move highlighting the fierce competition in the Swiss watch industry, Rolex SA’s subsidiary, Marconi Investment SA, has snapped up the building housing Omega’s flagship boutique on Geneva’s prestigious Rue du Rhone. The deal, reportedly worth $133 million, solidifies Rolex’s dominant position on the priciest shopping street in Geneva, known for its opulent retail spaces.
According to a Bloomberg report citing Geneva’s land registry, the building’s acquisition by the Rolex subsidiary has potentially set the stage for a showdown between the two watchmaking giants. Omega’s parent company, Swatch Group AG, currently lists its primary boutique as a tenant within the purchased property. Per the Tribune de Geneve, a new owner holds the right to terminate an existing lease under specific circumstances, meaning Omega might be at the mercy of Rolex until the lease’s termination.
Neither Rolex nor Omega has released an official statement regarding the purchase at the time of this report.
With Rolex leading the Swiss watch market with a staggering 9.3 billion Swiss francs in sales, and Omega trailing behind at 2.5 billion francs, the competitive spirit between the two brands is palpable. The recent acquisition follows Rolex’s move to acquire Bucherer AG, a luxury watch retailer with 100 boutiques worldwide, in a strategic play that is anticipated to directly impact Omega’s global presence. As the rivalry between these two Swiss watch titans continues to intensify, industry experts are closely monitoring the dynamic power play for dominance in the luxury watch sector.
