Richemont to Sell Baume & Mercier to Damiani Group

On 23 January 2026, Richemont announced the sale of Baume & Mercier to the Italian jewellery house Damiani Group. The financial terms of the transaction have not been disclosed. Richemont acquired Baume & Mercier in 1988.

The divestment reflects Richemont’s ongoing strategic shift towards the higher end of the luxury market, while Damiani seeks to broaden its footprint within the watch sector.

Source: monochrome-watches.com

Strategic Realignment

Richemont’s portfolio includes maisons such as Cartier, IWC Schaffhausen, Piaget, A. Lange & Söhne and Vacheron Constantin. In recent years, the group has increasingly concentrated on brands positioned in the higher price brackets.

Baume & Mercier, by contrast, has long operated in the accessible luxury segment. This category has proved particularly competitive, especially given the scale and manufacturing capabilities of rivals such as Swatch Group.

Damiani’s Expansion into Watches

As of 31 March 2025, Damiani Group reported total revenue of more than €380 million, representing growth of approximately 10 per cent year on year. The acquisition of Baume & Mercier provides the Italian group with an opportunity to strengthen its presence in watchmaking and diversify beyond its core jewellery activities.

How Baume & Mercier will be positioned under its new ownership remains to be clarified.

Transaction Timeline

Completion of the transaction is expected in the summer of 2026. For a transitional period of at least 12 months following closing, Richemont will provide operational services to Damiani Group in order to facilitate a smooth integration of Baume & Mercier into its new structure.

The sale marks a notable shift within Richemont’s watch portfolio and signals Damiani’s intention to establish a more prominent role in the watch industry.