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 founded in 1830 and became 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.
Baume & Mercier is distributed in local markets by Duraflex Group Australia.
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