Johann Rupert’s Richemont to sell Baume & Mercier to Italy’s Damiani

Johann Rupert’s Richemont has agreed to sell Swiss watchmaker Baume & Mercier to Italy’s Damiani Group, handing one of the industry’s oldest names to a family owned jewelry company as luxury groups refine their brand portfolios.

Richemont said the transaction is expected to close by the summer of 2026, subject to regulatory approvals. Financial terms were not disclosed. Damiani will acquire full ownership of the brand, while Richemont will provide transitional support after the sale is completed.

Founded in 1830, Baume & Mercier is among the oldest continuously operating watchmakers in Switzerland. The brand has long been positioned in the entry luxury segment, offering mechanical watches at prices below many of Richemont’s flagship maisons.

Baume & Mercier joined Richemont in 1988, the same year Rupert created the group. Over nearly four decades, it remained a steady but relatively quiet part of Richemont’s watch division, which also includes Cartier, IWC Schaffhausen, Jaeger-LeCoultre and Panerai.

People familiar with the group’s strategy said the decision reflects Richemont’s focus on brands with stronger pricing power and global scale. High jewelry and top tier watch brands continue to generate a larger share of profits, while competition has intensified in the lower end of the luxury watch market.

Damiani said the acquisition gives the Italian group a direct entry into Swiss watchmaking, expanding beyond its core jewelry business. The company plans to invest in Baume & Mercier’s retail presence and international distribution, with an emphasis on selected mono-brand stores in key markets.

Richemont said it will continue to provide operational and industrial support to Baume & Mercier for at least 12 months after closing. The arrangement is intended to ensure continuity in production, sourcing, and logistics during the transition.

Baume & Mercier has historically performed well in Europe, particularly in Italy, where its design language and price positioning have resonated with consumers. Analysts say the brand’s profile aligns closely with Damiani’s existing customer base.

Richemont remains one of the world’s largest luxury groups, with a portfolio spanning watches, jewelry, and fashion. The company reported revenue of 21.4 billion euros in its most recent financial year, maintaining its position as a dominant force in global luxury under Rupert’s leadership.

Damiani was founded in Valenza, Italy, in 1924 and returned to private ownership in 2019 after a family-led buyout. Since then, the group has expanded selectively while keeping control within the founding family.

The sale shifts Baume & Mercier from a Swiss-based luxury conglomerate to an Italian family group, reflecting how long established brands continue to change hands as ownership strategies evolve within the luxury industry.