Story Highlight
– Richemont sells Baume & Mercier to Damiani Group.
– Baume & Mercier joins Damiani’s luxury brand portfolio.
– Damiani plans to expand Baume & Mercier’s global presence.
– Richemont will provide interim operational support.
– Financial terms of the deal remain undisclosed.
Full Story
The acquisition of Baume & Mercier by the Damiani Group has been finalised, following an announcement earlier this year regarding the Italian luxury group’s intent to purchase the Swiss watchmaker.
Baume & Mercier will become part of Damiani Group’s collection of luxury brands, which includes renowned jewellery houses such as Damiani, Salvini, Bliss, and Calderoni, in addition to the famous Murano glass manufacturer Venini and the multi-brand retailer Rocca.
In its strategic vision for Baume & Mercier, the Damiani Group plans to enhance the brand’s international profile, building on its existing stronghold in Italy. This will involve leveraging its extensive multi-brand retail network and gradually introducing standalone boutiques in key markets.
For a transitional period, Richemont will continue to support Baume & Mercier’s operations as the Damiani Group integrates the brand into its business structure.
Nicolas Bos, CEO of Richemont, remarked: “Damiani Group has been a valued historical partner for Baume & Mercier and the wider Richemont, successfully operating some of our external boutiques and distributing several of our Maisons’ watches in their Rocca stores. The Damiani Group is uniquely positioned to realise Baume & Mercier’s full potential, given the Maison’s strong footprint in Italy, its predominantly multi-brand distribution and its accessible luxury positioning. We are confident to have found in Damiani Group the right home for Baume & Mercier to thrive in years to come.”
Guido Damiani, executive president of Damiani Group, expressed enthusiasm about the acquisition: “We are delighted and excited to welcome Maison Baume & Mercier into Damiani Group’s portfolio. This acquisition marks a significant milestone in strengthening our presence in the world of fine watchmaking and represents an important step in our long-term growth strategy. By establishing a more focused operating model and leveraging our extensive international distribution network, together with our deep expertise in the luxury sector, we are confident that we can unlock the Maison’s full potential while preserving and enhancing its exceptional heritage of watchmaking excellence. We would also like to express our sincere gratitude to Richemont for the trust they have placed in us. We look forward to building a successful future for Baume & Mercier and to opening this exciting new chapter.”
The financial details of the sale have not been revealed.
