The deal was announced in January, with the Swiss watchmaker, which boats a 200-year-old heritage, joining Damiani Group's portfolio, which includes the jewellery brands Damiani, Salvini, Bliss, Calderoni and Murano, the glassmaker Venini and the retailer Rocca.
Richemont CEO Nicolas Bos pointed to Damiani Group's long-standing relationship with the company.
"The Damiani Group is uniquely positioned to realise Baume & Mercier's full potential, given the Maison's [brand’s], strong footprint in Italy, its predominantly multi-brand distribution and its accessible luxury positioning," he said.
"We are confident to have found in Damiani Group the right home for Baume & Mercier to thrive in the years to come."
Guido Damiani, executive president of Damiani Group, welcomed the addition of Baume & Mercier to the group's portfolio. He added that the group will use its international distribution network and luxury expertise to support the brand's growth.
"We are confident that we can unlock the Maison's [brand’s], full potential while preserving and enhancing its exceptional heritage of watchmaking excellence," he said.
"We would also like to express our sincere gratitude to Richemont for the trust they have placed in us. We look forward to building a successful future for Baume & Mercier and to opening this exciting new chapter."
The financial terms of the sale were not disclosed. Baume & Mercier is distributed in local markets by Duraflex Group Australia. Earlier this year, managing director Phil Edwards confirmed that for Australian retailers stocking the brand, it would be ‘business as usual’.
“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.”
Baume & Mercier was founded in 1830.
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