Switzerland’s luxury conglomerate Richemont has transferred the ownership of the distinguished watchmaker Baume & Mercier to Damiani Group of Italy. The financial details of this transaction remain undisclosed.
Following this acquisition, Baume & Mercier will integrate into Damiani’s luxury product assortment. Damiani Group’s current portfolio consists of its own brand along with Salvini, Bliss and Calderoni – all renowned jewellery brands. Additionally, it owns Venini, a glassmaking company, and Rocca, a distributor of multi-brand watches and jewellery.
Baume & Mercier, a Swiss luxury watch company, was initially established as Frères Baume in 1830. It started operating under its present name from 1918. The brand is globally recognized for its sophisticated and high-end wristwatches that seamlessly blend traditional craftsmanship with modern aesthetics.
Baume & Mercier was incorporated into the Richemont Group during the latter’s formative years in 1988.
Richemont has expressed that Baume & Mercier’s long-term potential can be best achieved under the Damiani Group, considering the latter’s robust presence in Italy.
Damiani intends to boost Baume & Mercier’s visibility and market penetration by utilizing its widespread multi-brand distribution network. It also plans to establish exclusive mono-brand boutiques in select strategic locations.
Ensuring a seamless transition, Richemont will continue to offer operational services for Baume & Mercier, for a minimum period of 12 months after the deal closure.
The transaction is poised to conclude this summer, subject to certain prerequisites.
Richemont’s operations span across three primary sectors – jewellery, specialist watches, and fashion and accessories. The group’s portfolio includes esteemed watchmakers such as A Lange & Sohne, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin.
In the quarter ending on December 31, Richemont reported a sales revenue of 6.4 billion euros, marking an 11% growth at constant exchange rates.
What is the history of Baume & Mercier?
Baume & Mercier was originally established as Frères Baume in 1830 and began operating under its current name from 1918. It became part of the Richemont Group in 1988.
What are Damiani Group’s plans for Baume & Mercier?
Damiani Group aims to enhance Baume & Mercier’s visibility and market reach by leveraging its extensive multi-brand distribution network and opening select mono-brand boutiques in strategic locations.
What are the primary sectors of Richemont’s operations?
Richemont operates mainly in three sectors – jewellery, specialist watches, and fashion and accessories.
