In a move that could change the face of the luxury watch market, Rolex said Friday it planned to buy Swiss retail chain Bucherer AG.

Under the agreement, Bucherer will be able to operate independently and under its own name. Bucherer has more than 100 locations in the U.S., Switzerland, England, Germany, France, Denmark and Austria.

The deal, which was made for an undisclosed sum, wiped out almost $629 million in value of Rolex owner Watches of Switzerland as shares slid by about 30% on Friday.

Jörg Bucherer, the retail founder’s great-grandson, said that without any direct heirs to the company, he would sell it. 

Rolex’s decision to acquire Bucherer, which is considered the world’s largest luxury watch retailer, was in part due to the company’s storied legacy, which dates back over 90 years. 

Geneva, Switzerland-based-Rolex is the leader in Swiss luxury watchmaking, while Bucherer has become an internationally recognized multi-brand retailer, with a market capitalization of over $4 billion. 

“The Rolex group is convinced that this acquisition is the best solution not only for its own brands but also for all the watch and jewelry partner brands, as well as for all the employees of the Bucherer group,” Rolex said in a statement. 

Unlike Bucherer, which only has 100 outlet stores, Watches of Switzerland currently has 202 showrooms across the United Kingdom, the United States and Europe. 

Watches of Switzerland said in a statement obtained by MarketWatch that Rolex’s move isn’t a strategic entry into retail, but rather a response to Bucherer’s succession challenges.

 The deal wiped out nearly a third of the value of Rolex owner Watches of Switzerland