Richemont Sells Baume & Mercier to Italy’s Damiani Group in Luxury Watch Shake-Up
South African billionaire Johann Rupert’s luxury conglomerate, Richemont, has agreed to sell its historic watch brand, Baume & Mercier, to Italy’s Damiani Group, signaling a strategic reshuffle in high-end luxury portfolios.
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The private transaction places Baume & Mercier under the stewardship of Damiani, renowned for Italian craftsmanship and a strong multi-brand retail network. Richemont has committed to supporting the brand’s operations for 12 months to ensure a seamless transition.
The acquisition strengthens Damiani’s foothold in the premium watch segment, complementing its existing portfolio, which includes Damiani, Salvini, Bliss, Calderoni, and Venini, alongside its flagship retailer Rocca. The group plans to focus on enhancing brand visibility and selective boutique expansion rather than pursuing rapid store openings.
Under Rupert’s leadership, Richemont continues to report robust growth. For the nine months to December 2025, the group recorded $20 billion in sales, with strong performance from its jewelry and specialist watch divisions, while retail revenue rose 12 percent at constant exchange rates.
The deal marks a significant realignment in the global luxury watch market, reflecting both groups’ strategic focus on brand prestige, craftsmanship, and targeted growth in high-value markets.
Richemont Sells Baume & Mercier to Italy’s Damiani Group in Luxury Watch Shake-Up