In a recent real estate transaction, a subsidiary affiliated with Rolex SA has secured ownership of the building that formerly housed Omega’s flagship boutique. The property, situated on Geneva’s renowned Rue du Rhone, known for its exclusivity and high-end retail, was purchased by Marconi Investment SA, a Rolex subsidiary, for $133 million (129 million Swiss francs), as reported by Bloomberg through Geneva’s land registry records.
Swatch Group AG, the parent company of Omega, had its largest boutique operating within this building, which is now owned by the Rolex subsidiary, as indicated by local newspaper Tribune de Geneve, citing the news agency’s report.
It’s worth noting that, under specific conditions, a new owner can terminate an existing lease. Until such an agreement is officially concluded, Omega will continue to be responsible for paying rent to Rolex.
As of the time preliminary reports surfaced, neither Rolex nor Omega had issued any official statements regarding this transaction.
Rolex, being Switzerland’s leading watch brand with sales totaling 9.3 billion Swiss francs, holds a dominant position in the market. Omega, on the other hand, is ranked third in terms of sales, reporting 2.5 billion francs in revenue. Cartier, owned by Geneva-based luxury goods company Richemont, occupies the second position.
The competitive landscape between Rolex and Omega became more intense in August when Rolex announced its acquisition of Bucherer AG, a Swiss luxury watch retailer along with its 100 global boutiques. This development had the potential to impact Omega, as Bucherer carries the brand of watches promoted by Swatch Group in its stores worldwide.
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