Damiani Group signs agreement to acquire Baume & Mercier from Richemont

Swiss luxury conglomerate Richemont and Italian jewellery firm Damiani Group have signed an agreement for the latter to acquire full ownership of specialist watchmaker Baume & Mercier. The private transaction marks a significant shift for the historic watch brand as it joins one of Italy’s last independent family-run luxury groups.

With a legacy spanning 200 years, Baume & Mercier will become the primary watchmaking pillar within the Damiani Group portfolio. The Italian company already manages a suite of hard luxury brands including Damiani, Salvini, Bliss, and Calderoni in the jewellery sector, alongside artistic glassmaker Venini and the luxury multi-brand distributor Rocca.

Richemont and Damiani Group stated that the long-term potential of the Maison is best suited to the Italian group’s structure. This is attributed to Baume & Mercier’s existing footprint in Italy, its accessible positioning within the luxury segment, and its reliance on a multi-brand wholesale distribution model.

The Damiani Group intends to strengthen the brand’s global reach by leveraging its extensive distribution network. Strategic plans include the opening of mono-brand boutiques over time to enhance visibility.

To facilitate a smooth transition, Richemont will provide operational services to the watchmaker for an interim period of at least 12 months following the deal's completion. The transaction is expected to close in the summer of 2026, subject to customary closing conditions. The financial terms of the agreement were not disclosed.

The sale follows a period of portfolio refinement for Richemont. The Geneva-based group recently expanded its jewellery division through the acquisition of Italian Maison Vhernier in January 2026. Richemont continues to operate a significant portfolio of specialist watchmakers and brands including: Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Piaget and Vacheron Constantin

For the Damiani Group, this acquisition reinforces its position as a major independent player in the international luxury market. Led by the third generation of the Damiani family—Guido, Silvia, and Giorgio—the group remains the only international jewellery group still managed by the founder's heirs.

The group reported double-digit growth for the 2024/2025 fiscal year, with consolidated revenues exceeding 380 million euros. By integrating Baume & Mercier, the group adds a Swiss-made heritage brand to its Italian manufacturing, which is centred in the Valenza goldsmith district.