Luxury conglomerate Richemont has agreed to sell Swiss watchmaker Baume & Mercier to Italy’s Damiani Group, marking a notable shift in the structure of the global watch industry and raising questions about whether major groups are entering a new phase of portfolio consolidation.
Expected to close later in the year, the transaction will see the nearly 200-year-old watch brand change hands after more than three decades under Richemont ownership. Financial terms have not been disclosed, though Richemont confirmed it will continue providing operational services for the brand for at least 12 months after the deal closes to ensure a smooth transition.
Founded in 1830, Baume & Mercier occupies what the industry typically refers to as the “accessible luxury” segment of Swiss watchmaking. Known for collections such as the Riviera and Clifton lines, the brand has historically offered Swiss-made timepieces at comparatively attainable price points within Richemont’s broader portfolio.
However, the segment has become increasingly challenging in recent years. As demand for high-end mechanical watches has surged, many luxury groups have shifted focus towards higher-margin prestige models, leaving mid-tier brands in a difficult competitive position. Analysts estimate Baume & Mercier’s sales in recent years at approximately USD 88 million, with reports suggesting the brand has struggled to maintain profitability.
Within Richemont’s portfolio — which includes high-performing maisons such as Cartier, Van Cleef & Arpels and Vacheron Constantin — Baume & Mercier increasingly sat outside the group’s emphasis on top-tier luxury watchmaking. The divestment therefore reflects a broader strategic refocusing on brands capable of operating at the highest end of the market.
For Damiani, the acquisition represents a different opportunity. The Italian luxury group — best known for its jewellery brands including Damiani, Salvini and Bliss — has steadily expanded its presence across hard luxury. Baume & Mercier provides the company with a ready-m
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