Richemont Reshuffles Watch Portfolio as Baume & Mercier Transitions to Damiani

Richemont releases ballast from its watchmaking portfolio. The luxury group has signed an agreement with Damiani Group to transfer full ownership of the Baume&Mercier firm, in a transaction for which the economic terms have not been disclosed.

The argument of both companies has to do with industrial fit. In a statement issued Thursday, both argue that the long-term path of the firm will be better exploited within Damiani for its establishment in Italy, a mainly multi-brand wholesale distribution model and an accessible positioning within the luxury watchmaking segment.

The transaction is not immediate; closing is expected in the summer of 2026 and is subject to conditions precedent. Upon completion, Richemont will continue to provide operational services for an interim period of at least twelve months to accompany the integration.

Baume&Mercier is listed in Richemont’s watch division, alongside brands such as A. Lange & Söhne, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis or Vacheron Constantin. With the transfer, the holding company reduces one brand within this division without detailing additional changes in the rest of the portfolio.

Richemont adjusts its watchmaking division with the departure of one of its brands

For Damiani, the purchase strengthens its luxury positioning. The group will add Baume&Mercier to a portfolio that already includes the Damiani, Salvini, Bliss and Calderoni jewelry stores, as well as Venini, an Italian artistic glass manufacturer based in Murano, and Rocca, its multi-brand watch and jewelry distributor.

The roadmap involves pushing the brand from the existing network. Damiani has indicated that it wants to expand the brand’s visibility and reach by relying on its multi-brand distribution and selective openings of mono-brand boutiques in strategic locations, in a progressive manner.

The announcement comes on the heels of an upward quarter for Richemont. Between October and December, the group posted sales of €6.399 billion, up 11% at constant exchange rates. In that period, jewelry grew by 14% at constant exchange rates to €4,785 million, while specialized watchmaking grew by 7% to €872 million.

In the nine-month cumulative period, from April to December 2025, Richemont increased sales by 10% at constant exchange rates and 5% at current exchange rates, to €17.018 billion, and closed December 31st with a net cash position of €7.6 billion. The group will publish its results for the year ended March 31st, 2026, on May 22nd, 2026.