Luxury / news
Richemont Sells Baume & Mercier to Damiani Group
Richemont has completed the sale of its watchmaking brand Baume & Mercier to the Italian Damiani Group, which plans to expand the 200-year-old maison's global reach.
The Damiani Group has finalized the acquisition of Baume & Mercier from Richemont, adding a venerable watchmaker with two centuries of heritage to its portfolio. The deal brings Baume & Mercier into Damiani's stable of jewelry brands, which includes Damiani, Salvini, Bliss, and Calderoni, alongside Venini, a historic Murano-based glassmaker, and Rocca, a multi-brand watch and jewelry distributor.
As part of its strategy to unlock Baume & Mercier's long-term potential, the Damiani Group intends to enhance the maison's global visibility and market presence. The plan builds on Baume & Mercier's strong Italian footprint, leveraging Damiani's extensive multi-brand distribution network while exploring selective openings of mono-brand boutiques in key international locations over time.
The acquisition significantly bolsters Damiani's hard luxury segment, integrating a renowned specialist watchmaker into a group already known for high-end jewelry and artistic glass. Financial terms of the transaction were not disclosed.