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Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert, has agreed to sell Baume & Mercier, one of its specialist watchmaking brands, to Italy’s family-owned Damiani Group in a private transaction that signals a reshaping of portfolios at the upper end of the luxury market.
Damiani adds Baume & Mercier
Financial terms of the deal were not disclosed. Still, both companies said the move reflects a shared view that Baume & Mercier’s future is better served within a group whose core strength lies in Italian craftsmanship and a broad multi-brand retail presence. Founded in 1830, Baume & Mercier has built its reputation around accessible luxury watches, relying heavily on wholesale partners and a strong footprint in Europe, particularly Italy.
For Damiani Group, the acquisition deepens its presence in hard luxury. The privately held company already owns jewelry brands including Damiani, Salvini, Bliss and Calderoni, as well as Venini, the Murano-based artistic glassmaker. It also controls Rocca, a leading luxury watch and jewelry retailer in Italy. Adding Baume & Mercier gives Damiani a specialist watchmaker with a 200-year heritage, thus complementing its existing portfolio and expanding its reach.
Steady transition, broader brand visibility
The transaction is expected to close in the summer of 2026, subject to customary conditions. Richemont said it will continue to provide operational services to Baume & Mercier for at least 12 months after completion. The arrangement is intended to ensure continuity as Damiani prepares to integrate the brand into its own operations, covering areas such as supply chain, retail support and back-office functions.
Damiani said it plans to raise Baume & Mercier’s profile by using its established multi-brand distribution network while gradually opening selected mono-brand boutiques in key locations. The approach reflects a measured expansion strategy, focusing on visibility and customer reach rather than rapid store rollouts.
Richemont sales rise as jewelry leads
The sale comes as Richemont continues to lean into its strongest businesses under Rupert, who owns 10.18 percent of the company and controls 51 percent of its voting rights. For the nine months ended December 31, 2025, Richemont reported sales of $20 billion, compared with €16.2 billion ($18.84 billion) in the same period a year earlier. Sales rose 10 percent at constant exchange rates and 5 percent at actual rates, underlining continued demand for high-end jewelry and watches despite uneven global conditions.
Jewelry remained Richemont’s largest and fastest-growing segment. Cartier, Van Cleef & Arpels, Buccellati and Vhernier helped drive 14 percent growth at constant exchange rates. Specialist Watchmakers posted a 7 percent increase, while Fashion & Accessories grew 3 percent. Retail continued to anchor the group’s performance, accounting for about 72 percent of total sales. Retail revenue rose 12 percent at constant rates to €4.6 billion ($5.35 billion) in the third quarter, supported by gains across Europe, the Americas, Japan and the Middle East.
