Richemont agreed to promote Swiss watchmaker Baume & Mercier to Italy’s Damiani Group following a slowdown available in the market for expensive timepieces.
The buy of the just about 200-year-old watchmaker will increase Damiani’s vary of manufacturers, which embrace Salvini, Bliss and Calderoni, in addition to creative glass-maker Venini, in accordance to an announcement Thursday. Financial phrases weren’t disclosed.
Richemont, which owns jewelers Cartier and Van Cleef & Arpels in addition to watchmakers akin to Piaget and Vacheron Constantin, acquired Baume & Mercier in 1988. Damiani, which is privately held, additionally owns Rocca, a luxurious watch and jewellery distributor with a sequence of boutiques in Italy.
A Baume & Mercier SA show in New York.
“We will both benefit from this new start,” Jérôme Favier, Damiani’s chief govt officer, informed Bloomberg.
“Damiani Group will expand its offer in the watch segment and attract a new customer base,” Favier mentioned. “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.”
Luxury watches are coming off a tricky 12 months, when US president Donald Trump’s tariffs, document gold costs and weak demand in China weighed on gross sales and exports. Richemont’s specialist watchmakers reported a 7 p.c gross sales improve within the closing quarter of final 12 months — an indication the stoop could also be abating.
The deal is anticipated to shut in the summertime of 2026 and stays topic to sure situations, in accordance to the assertion. Richemont will present operational providers for Baume & Mercier for an interim interval of a minimum of 12 months after closing.
By Allegra Catelli
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