Richemont has sold Baume & Mercier, the nearly 200-year-old Swiss watch brand, to Italian luxury group Damiani.
The deal is due to close by the summer. Financial terms were not disclosed.
Richemont will continue to provide operational services for the watchmaker for at least 12 months after the deal closes.
Based in Valenza, Damiani Group owns the Damiani, Salvini, Bliss ,and Calderoni jewelry brands, as well as glassmaker Venini and multibrand watch and jewelry distributor Rocca.
“We will both benefit from this new start,” Damiani CEO Jérôme Favier told Bloomberg. “Damiani Group will expand its offer in the watch segment and attract a new customer base. 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.”
Reports last year said that Richemont was negotiating for a Baume & Mercier management buyout.
Founded in 1830, Baume & Mercier has been owned by Cartier since 1988. Five years later, Richemont purchased Cartier.
(Photo courtesy of Baume & Mercier)
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