The two companies released a joint statement confirming the sale earlier this week. The deal is expected to conclude later this year, with the financial terms undisclosed. Richemont will continue to provide operational services for the watchmaker for at least one year after the deal closes.
Based in Valenza, the Damiani Group owns the Damiani, Salvini, Bliss, and Calderoni jewellery brands, as well as glassmaker Venini and luxury distributor Rocca. CEO Jérôme Favier told Bloomberg it was expected to be a beneficial transition for all parties.
“We will both benefit from this new start,” he said.
“Damiani Group will expand its offer in the watch segment and attract a new customer base. 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.”
Baume & Mercier was one of the first luxury brands to join the Richemont Group in 1988, alongside Cartier and Montblanc. The Richemont Group, founded by South African businessman Johann Rupert, recently reported strong sales for its watch and jewellery brands in the latest financial quarter.
Local market update
Baume & Mercier is distributed in local markets by Duraflex Group Australia. Managing director Phil Edwards confirmed that for Australian retailers stocking the brand, it would be ‘business as usual’ despite the change in ownership.
“There will be no change to the local distribution in Australia. Duraflex Group Australia are very proud to continue our long-standing partnership with the brand and continue to provide our Baume & Mercier retail partners with the same high level of service,” Edwards told Jeweller.
“This marks an exciting new chapter for the brand as it joins the Damiani Group, a highly respected, family-owned Italian luxury group that shares many values with Baume & Mercier.
“DGA fully support this ambitious new chapter for the Maison [brand], and we believe that the brand strategy, combined with the Damiani Group's investment, will ensure our mutual success with Baume & Mercier.”
Edwards also outlined several objectives for the brand in the coming years, which included enhancing the competitiveness of the product offering, reinforcing brand awareness through an impactful new campaign, and optimising product rotation, volume, and productivity.
“There will be no change to manufacture - Baume & Mercier watches will continue to be manufactured at the brand’s Watchmaking Workshops in Les Brenets, in the Swiss Jura,” he added.
“This includes the Baumatic movement - Baume & Mercier’s modern, in-house–developed mechanical movement family which is one of the brand’s biggest technical strengths.”
Baume & Mercier was founded in 1830.
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