Watches of Switzland WoSG has opened a mega Rolex boutique in London

Watches of Switzland WoSG has opened a mega Rolex boutique in London

The British watch retailer opened one of Europe's largest Rolex boutiques yesterday on Old Bond Street in London, in close proximity to the former Wempe multi-brand store on New Bond Street.

The Hamburg-based jewelry company closed the branch in March 2023, citing negative developments in the local competitive environment. In the summer of 2022, it was announced that Wempe would open a Rolex flagship boutique on Old Bond Street. Shortly thereafter, Wempe lost the Rolex representation for the New Bond Street location.

“We would very much like to stay in London, but not at this location,” said Kim-Eva Wempe, owner and managing partner of the Hamburg-based company at the time.

The reason given was that almost all of the international watch brands represented by Wempe had now opened or planned their own flagship stores in the immediate vicinity. Therefore, despite careful consideration, the family-run company saw no promising prospects for continuing to operate the business at the existing location.

And then, in 2023, Rolex took over the global Swiss jewelry chain Bucherer – and the world of watch and jewelry retail suddenly seemed to tick differently.

The Neue Zürcher Zeitung commented: "A visible expression of the uncertainty in the industry was the plunge in the share price of Watches of Switzerland on Friday. The watch retailer, listed on the London Stock Exchange, generates approximately half of its revenue from Rolex and its lower-priced sister brand, Tudor. After the Bucherer deal became known, the company was worth a fifth less."

Following the news of Rolex's acquisition of Bucherer, the Watches of Switzerland Group issued a statement to the London Stock Exchange, saying that Rolex had assured that the retail business would continue to operate under normal market conditions.

Does Rolex do the business alone?

The question that plagued Rolex concessionaires and/or operators of Rolex boutiques was whether the brand with the crown would sell its watches exclusively through Bucherer POS in the future? After all, the dealer margin would then remain in the family, so to speak.

Klaus-Dieter Koch, co-founder of the Nuremberg-based management consultancy Brand Trust and watch collector, explained the benefits and risks for the partners involved and their competitors in an interview with WatchTime:

"I don't think there will be many new Rolex boutiques at Bucherer right away. I can imagine that Rolex will thin out its existing network of concessionaires somewhat in the coming years, but Rolex also needs a certain breadth with the estimated 1.2 million watches they produce annually. In any case, everything will develop very slowly, because slowness is typical of the luxury world."

Rolex and WoSG stick to their agreement

In fact, nothing has changed in the joint plans that Rolex and WoSG had already in place at the time of the takeover regarding Bond Street.

On March 14, 2025, the British watch retailer opened the new Rolex flagship boutique on Old Bond Street in London's Mayfair district.

"This is an exciting new chapter in the partnership with Rolex, which began over 100 years ago in 1919 with the Northern Goldsmiths showroom in Newcastle. The Watches of Switzerland Group is delighted to open this landmark showroom, having managed the Rolex boutique on Old Bond Street for the past 50 years, marking a significant milestone in the luxury watch trade," said WoSG.

The new Rolex Temple extends over four floors, offering both new and pre-owned Rolex watches. An entire floor is dedicated to certified timepieces and an exhibition spanning the past 120 years of the brand. The boutique also features an authorized Rolex service center for the maintenance and care of customers' watches.

"We are delighted to support our long-standing UK partner, the Watches of Switzerland Group, with the opening of the new boutique on Bond Street. The new store represents a new level of customer service and Rolex presence. The boutique is not just a place to buy watches, but also a tribute to the brand's heritage, founded by the Rolex Watch Company in London in the early 20th century. It represents innovation and a commitment to providing every customer with an unparalleled experience," says Richard de Leyser, Managing Director of Rolex UK.