Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert, has agreed to sell Baume Mercier, one of its specialist watchmaking brands, to Italys family-owned Damiani Group in a private transaction that signals a reshaping of portfolios at the upper end of the luxury market.
Damiani adds Baume Mercier
Financial terms of the deal were not disclosed. Still, both companies said the move reflects a shared view that Baume Merciers future is better served within a group whose core strength lies in Italian craftsmanship and a broad multi-brand retail presence. Founded in 1830, Baume Mercier has built its reputation around accessible luxury watches, relying heavily on wholesale partners and a strong footprint in Europe, particularly Italy.
