The Italian family-owned jewelry group Damiani is set to acquire the Swiss watchmaker, founded in 1830, which had been operating at a loss. This will enable Richemont to refocus on its other brands, which are positioned in a more luxury segment and less dependent on wholesale distribution.
Richemont is streamlining its watch portfolio.
While the Swiss group is more focused on its jewelry division, it has just announced the signing of an agreement to sell the entire Baume & Mercier company to the Italian family-owned group Damiani, without revealing the amount of the transaction.
Smooth transition
The closing of the transaction, subject to the usual conditions precedent, is announced for the summer of 2026. But a “smooth transition” is then planned: Richemont will provide operational services to Damiani for a transitional period of at least one year after closing.
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Featured photo: © Baume & Mercier
