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Geneva, Switzerland-- A subsidiary of Rolex has made a significant acquisition, purchasing a building on Geneva's most expensive retail street, currently home to Omega's flagship boutique.

Marconi Investment sealed the deal for the Rue du Rhone property at 120 million Swiss francs, as confirmed by Geneva's land registry records.

This building is a notable location for Omega, Swatch Group's leading brand, housing its largest boutique in Geneva. According to The Business Times report, the sale was first reported by the Tribune de Geneve, highlighting the fierce competition for premium retail space among leading Swiss watchmakers.

Omega will find itself in the unique position of paying rent to its main market rival, Rolex. Besides, the new ownership could influence the building's management and future leasing arrangements.

The report noted that Rolex, with annual sales reaching 9.3 billion Swiss francs, stands as the largest Swiss watch brand, according to Morgan Stanley. Omega ranks third, with sales of about 2.5 billion francs, while Cartier, owned by Geneva's Richemont, holds the second spot.

Rolex, founded by Hans Wilsdorf, is well-known for its extensive real estate portfolio in Geneva. Similarly, Swatch Group actively invests in real estate, including recent purchases in London and Paris.

In Zurich, Swatch acquired a premier retail space on Bahnhofstrasse from Credit Suisse, which currently houses the Bongenie Grieder luxury store. Per the report, Bongenie Grieder, tied to Rolex chairman Nicolas Brunschwig's family, is slated to relocate its Zurich flagship store in 2024.

Learn more in the entire Business Times report.