Richemont Sells Baume & Mercier to Italian Jeweler Damiani

Swiss-based conglomerate Richemont, owner of multiple jewellery and watch brands such as Cartier, IWC, Piaget, A. Lange & Söhne or Vacheron Constantin, to name a few, has agreed to sell Swiss watch brand Baume & Mercier, which it acquired in 1988, to the Italian, family-run Damiani Group, concluding a strategic review of the long-time Richemont Maison. No price has been disclosed for this transaction that reflects Richemont’s effort to streamline its portfolio and refocus on the higher end of the spectrum.

For years, Richemont struggled to find the right strategy for the brand, acting in the so-called accessible luxury segment, which has proven difficult for Richemont to master consistently. That space has proven to be extremely competitive and challenging, in particular given the powerful presence of the Swatch Group, with its industrial scale and manufacturing capabilities.

For the Damiani Group, the acquisition represents an opportunity to expand its watchmaking footprint – the attention is now turning to how the new owner of Baume & Mercier will leverage its brand equity and positioning to put the Maison back on a sustainable growth track. For reference, the Damiani Group announced that it was preparing to close the annual financial statements as at 31 March 2025, with consolidated revenues in excess of EUR 380 million, up 10%.

To ensure a smooth transition whilst the Damiani Group prepares for Baume & Mercier’s integration within its own operations, Richemont will provide operational services for the Maison for an interim period of at least 12 months after closing, which is expected this summer 2026.

For more details, please visit www.richemont.com or www.damianigroup.com.