Richemont Sells Baume & Mercier to Damiani

The Damiani Group has purchased Baume & Mercier from Richemont in a private transaction.

The family-run Italian global luxury group will take full ownership of the specialist watchmaker, Richemont said last week. The purchase will increase the group’s luxury-goods portfolio, which includes the Damiani, Salvini, Bliss, and Calderoni jewelry brands, as well as watch and jewelry distributor Rocco.

Damiani hopes to expand the reach of its new acquisition by utilizing its multi-brand distribution network and gradually opening select mono-brand boutiques in key locations.

Richemont will continue to deliver operational services to the maison for at least one year following closure.

Completion is likely to take place in the summer, and the transaction remains subject to specific conditions. The parties have not disclosed the financial terms.

Image: A Baume & Mercier watch. (Shutterstock)