Rolex wants more control of its retail sales — and the move has sent shares of a top luxury watch dealer down 21%

• Rolex is taking over watch retailer Bucherer, giving the luxury giant more control over how its watches are sold, the WSJ reported.
• After the news, shares of Watches of Switzerland tanked 21%.
• Rolex has previously relied on independent retailers like Watches of Switzerland.

Rolex is a bellwether for luxury watches, so when the storied brand makes moves, the rest of the market takes notice.