Richemont finalises sale of Baume & Mercier to Damiani Group

On Wednesday, luxury group Richemont, parent company of Cartier, announced it has finalised the sale of watchmaker Baume & Mercier to the Italian Damiani Group. The initial agreement for this private transaction was made public on January 22, 2026. It involves the acquisition of 100 percent of the Swiss brand's shares, with all prerequisite conditions having been met. The financial terms of this operation have not been disclosed.

Strategic transaction for the 'hard luxury' segment

This announcement demonstrates the desire of specialised independent groups to consolidate their position in the competitive 'hard luxury' market. Integrating a house with over 200 years of heritage allows the Damiani Group to diversify its offering beyond its jewellery brands (Damiani, Salvini, Bliss and Calderoni) and its art glass brand (Venini).

Development prospects and integration

The Damiani Group's long-term growth strategy for Baume & Mercier will initially focus on the Italian market, where the brand already has a solid presence. The group plans to use its own distribution network, particularly through its Rocca banner, which specialises in watches and jewellery.

Commercial expansion will also involve international retail development, with the gradual opening of its own boutiques in strategic locations. To ensure business continuity during the integration phase, Richemont will continue to provide operational services for a transitional period.

Reactions from the respective management teams

The leaders of both entities highlighted the complementary nature of this agreement. Nicolas Bos, chief executive officer of Richemont, stated in a press release: “The Damiani Group is a long-standing partner of both Baume & Mercier and Richemont. It successfully operates several of our partner boutiques and distributes watches from several of our houses within its Rocca network. Given Baume & Mercier's strong presence in Italy, its predominantly multi-brand distribution model and its positioning in the accessible luxury segment, the Damiani Group is ideally placed to support the house in a new phase of its development. We are confident that we have found the best home for Baume & Mercier to continue its growth in the years to come.”

Guido Damiani, executive chairman of the Damiani Group, confirmed this expansion ambition: “We are particularly pleased to welcome the house of Baume & Mercier into the Damiani Group's portfolio. This acquisition is a major step in strengthening our presence in the world of fine watchmaking and is fully in line with our long-term growth strategy.”

The executive also stated his conviction that the group will be able to “unlock the full potential of the house while preserving and enhancing its remarkable watchmaking heritage.”

Last May, the Richemont group announced its results for the staggered 2025/2026 financial year, reporting a 27 percent increase in net profit to nearly 3.5 billion euros. Its turnover for the past financial year, which ended at the end of March, rose by 5 percent year-over-year to 22.4 billion euros. This growth was driven by jewellery and demand in the Americas.

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