(IDEX Online) - Rolex is to buy Bucherer, the long-established watch retailer with over 100 sales outlets worldwide.The move will shake up the luxury watch market, giving Rolex far greater control over its distribution network and better intelligence on its competitors.Shares in UK-based rival retailer Watches of Switzerland plunged 21 per cent on the day news of the deal broke (25 August).Bucherer, based in Lucerne, sells Rolex watches at over half its outlets, together with other luxury brands, including its own brand, Carl F. Bucherer.The decision to sell the family business, founded in 1888, was taken by 87-year-old chairman Jorg G. Bucherer, who has no direct descendants to take it over.Rolex said Bucherer will keep its name and continue to operate independently once the takeover transaction is approved. It did not disclose financial details.Jorg Bucherer is the last person still active and known to have worked with Hans Wilsdorf, the founder of Rolex.The two companies have worked alongside each other for 90 years, said Rolex, and the purchase will "preserve the long-standing partnership between the two companies and perpetuate their shared history".Pic courtesy Bucherer shows its store in Paris