Richemont sells its Baume & Mercier brand to Italy’s Damiani

Richemont agreed to sell Swiss watchmaker Baume & Mercier to Italy’s Damiani Group following a slowdown in the market for pricey timepieces.

Richemont, which owns jewelers Cartier and Van Cleef & Arpels as well as watchmakers such as Piaget and Vacheron Constantin, acquired the almost 200-year-old timepiece maker in 1988.

“Baume & Mercier has been loss-making for a long time, and was the neglected child of the group,” said Oliver Müller, founder of industry advisory firm LuxeConsult. “It is comparable to Longines. The divestment makes sense and was needed to streamline this business unit.”

For Damiani, the purchase will expand its range of brands, which includes Salvini, Bliss and Calderoni, as well as artistic glass-maker Venini, according to a statement Thursday. Financial terms were not disclosed.

Damiani, which is privately held, also owns Rocca, a luxury watch and jewelry distributor with a chain of boutiques in Italy. “We will both benefit from this new start,” Jérôme Favier, Damiani’s chief executive officer, told Bloomberg.

“Damiani Group will expand its offer in the watch segment and attract a new customer base,” Favier said. “Baume & Mercier will be able to count not only on our solid position in wholesale, but also on our strong expertise in the watch market.”

Luxury watches are coming off a tough year, when US President Donald Trump’s tariffs, record gold prices and weak demand in China weighed on sales and exports. Richemont’s specialist watchmakers reported a 7% sales increase in the final quarter of last year — a sign the slump may be abating.

The deal is expected to close in the summer of 2026 and remains subject to certain conditions, according to the statement. Richemont will provide operational services for Baume & Mercier for an interim period of at least 12 months after closing.

© 2026 Bloomberg

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