Richemont has officially designated Swiss watchmaker Baume & Mercier for sale to Italy’s Damiani Group. This move comes amid a noticeable downturn in the luxury watch market.
Acquiring this nearly 200-year-old watchmaker will enrich Damiani’s portfolio, which already includes notable brands like Salvini, Bliss, and Calderoni, along with the esteemed artistic glass-maker Venini. No financial details surrounding the deal were shared.
Richemont, known for its prestigious ownership of jewelers like Cartier and Van Cleef & Arpels and top-tier watchmakers including Piaget and Vacheron Constantin, has been a proud owner of Baume & Mercier since 1988. Damiani, a privately held entity, also operates Rocca, a sophisticated distributor of luxury watches and jewelry with a strong boutique presence across Italy.
A glimpse of Baume & Mercier SA showcased in New York.
“We anticipate mutual benefits from this new beginning,” stated Jérôme Favier, Chief Executive Officer of Damiani, in a conversation with Bloomberg.
“Through this acquisition, Damiani Group will broaden its watch segment offerings and attract a fresh customer demographic,” Favier elaborated. “Baume & Mercier will enjoy not only our robust wholesale position but also our considerable expertise in the watch industry.”
The luxury watch sector has recently faced challenges, marked by tariffs imposed during the Trump administration, peak gold prices, and dwindling demand in China affecting both sales and exports. Nevertheless, Richemont’s dedicated watchmakers reported a 7 percent sales increase in the last quarter of the previous year, indicating a possible rebound in the market.
This agreement is anticipated to conclude by summer 2026, pending specific conditions. Richemont has committed to providing operational support for Baume & Mercier for at least 12 months following the deal’s closure.
