Damiani Acquires Baume & Mercier from the Richemont Group

---

In a significant move within the global luxury sector, Compagnie Financière Richemont SA has announced the sale of its Swiss watchmaking maison, Baume & Mercier, to the Italian, family-run Damiani Group. The acquisition, announced on 22 January 2026, marks a strategic portfolio adjustment for the Swiss-based conglomerate founded in 1988 by South African billionaire Johann Rupert. The deal involves the transfer of full ownership and is expected to close in the summer of 2026, subject to customary regulatory conditions. To ensure stability, Richemont has agreed to provide operational support to Damiani for 12 months post-closing.  The financial terms of the transaction are yet to be disclosed.

Baume & Mercier, founded in 1830 in the Swiss Jura, is one of the oldest and most established names in Swiss watchmaking. Headquartered in Meyrin, Geneva, the maison is renowned for its affordable luxury proposition, balancing technical excellence with accessible positioning to rank approximately 22nd globally. Its lineage traces back to Louis Joseph Baume’s original counter in Les Bois, evolving into its current form in 1918 through a partnership with Paul Mercier. Following its acquisition by Cartier in 1988, the brand was consolidated under the Richemont Group where it has resided within the Specialist Watchmakers division alongside prestigious peers such as IWC Schaffhausen and Vacheron Constantin.

The Damiani Group, established in 1924 in Valenza, the historic heart of Italy's goldsmithing district, is an independent luxury holding company led by the third generation of the Damiani family. Renowned globally for its Italian craftsmanship, it holds the distinction of being the only jewellery maison to have won 18 Diamonds International Awards. The Group operates a vertically integrated business model, controlling the value chain from ethical diamond sourcing - strictly adhering to the Kimberley Process - through to design and retail. Its portfolio features eminent jewellery brands such as Damiani, Salvini, Bliss and Calderoni, the prestigious glassmaker Venini, and Rocca, a high-end luxury watch and jewellery distributor with a chain of boutiques across Italy.

Both parties view this transaction as a strong industrial fit driven by complementary strengths. For Richemont, the divestment of Baume & Mercier represents a strategic streamlining of its portfolio to reduce exposure to the competitive accessible luxury segment. By divesting underperforming brands, the group demonstrates the strategic discipline required to protect margins and prioritise high-growth maisons such as Cartier and Van Cleef & Arpels.

For Damiani, this acquisition represents a significant expansion, leveraging its extensive Italian distribution network to revitalise Baume & Mercier. By extending its industrial capabilities beyond jewellery, the group broadens its horological offering to attract a new demographic. Both parties believe the brand’s long-term potential is best realised under Damiani’s multi-brand wholesale model and accessible price positioning. Ultimately, the move serves as a bold, counter-cyclical bet on the resilience of the accessible luxury market and the group’s distribution power.

Against the backdrop of a complex economic period for the luxury watch sector - characterised by record gold prices, weak Chinese demand and the impact of US tariffs - this deal underscores the importance of strategic clarity in a volatile 2026. While the industry continues to face market pressures, emerging data suggests a recovery within the luxury segment. This transaction serves as a reminder that disciplined portfolio management remains essential for driving value amidst economic uncertainty.