Jörg G. Bucherer, the billionaire third-generation scion of the largest Swiss watch retailer in the world, has died just months after agreeing to sell the business to Rolex. He was 87. The Swiss newspaper Handelszeitung was first to report the news, which was confirmed Tuesday by the Lucerne-based Bucherer group.

Mr. Bucherer took over his father's business in 1977 and pursued a policy of expansion in Austria and Germany. He also opened the world's largest watch and jewelry store in Paris and made acquisitions in the U.K. and U.S. He launched into the second-hand luxury watch business and was first to take part in Rolex’s certified pre-owned program. Today, the brand has more than a hundred specialized jewelry stores around the world and 2,400 employees.

On August 24, 2023, Rolex issued a press release announcing it had decided to acquire the watch retailer “following the choice made by Jörg Bucherer, in the absence of direct descendants, to sell his company’s business.” Rolex said it wanted to preserve the close partnership ties that have linked both companies since 1924.

Mr. Bucherer was the last businessman to personally know Rolex founder Hans Wilsdorf and work with him.