(Photo credit: Rolex)
Now that antitrust authorities have signed off on the deal that shook the watch industry almost a year ago, Rolex’s takeover of the largest watch and jewelry retailer in the world is scheduled to be finalized at the end of this month.
But the owner of the retailer, Jörg Bucherer, won't see the deal close, as he passed away a few months after penning the sale. Like Rolex founder Hans Wilsdorf, Bucherer had no children; he died one of the richest men in the canton of Lucerne.
According to insiders, a windfall of at least 4 billion francs from Rolex should go to his estate after the deal closes, leaving an inheritance topping 6 billion francs.
The executor of Bucherer's will, a lawyer named Urs Mühlebach, said the money will go to a new foundation, the Bucherer Foundation. People familiar with the matter say the Lucerne region will “benefit greatly.”
Mühlebach said the foundation’s purpose will be “the promotion and support of music, fine arts and literature, quality tourism, scientific research and teaching, improving the availability of places in retirement and nursing homes, and the care of disabled children.”