Johann Rupert’s Richemont completes sale of Baume & Mercier to Damiani Group

Compagnie Financière Richemont (Richemont), the Swiss luxury group controlled by South African billionaire Johann Rupert, has completed the sale of Swiss luxury watchmaker Baume & Mercier to Italy’s Damiani Group, finalizing a strategic deal aimed at sharpening its portfolio and focusing on high-margin luxury segments.

The transaction, first announced in January 2026, was executed as a private deal after fulfilling customary closing conditions. Financial details were not disclosed, consistent with similar transactions in the luxury watch industry.

Damiani expands footprint in luxury watches as Richemont streamlines portfolio

The acquisition significantly strengthens Damiani Group’s position in the global luxury watch market. By integrating Baume & Mercier, one of Switzerland’s oldest watchmakers with more than 200 years of heritage, the Italian group expands its footprint beyond jewelry into the hard luxury segment.

Baume & Mercier joins Damiani’s growing portfolio, which includes jewelry brands Damiani, Salvini, Bliss, and Calderoni, alongside Venini, the Murano-based glassmaker, and Rocca, its multi-brand retail chain specializing in watches and jewelry.

Baume & Mercier strengthens heritage positioning

The deal aligns with Damiani’s strategy to leverage its established retail and distribution network to scale Baume & Mercier globally. The group plans to enhance the brand’s international visibility through multi-brand outlets while selectively expanding mono-brand boutiques in key markets.

Richemont will continue to provide operational support for a transitional period, ensuring a smooth integration as Damiani absorbs the business into its structure.

Chief Executive Officer Nicolas Bos said Damiani is well-positioned to unlock Baume & Mercier’s long-term potential, citing its strong domestic presence and expertise in multi-brand distribution.

Guido Damiani, executive president of the Damiani Group, described the acquisition as a significant milestone in advancing the group’s ambitions in fine watchmaking and reinforcing its long-term growth strategy.

Deal reflects global luxury consolidation trend

The transaction highlights a broader trend in the global luxury industry, where major conglomerates are streamlining portfolios to focus on core brands while allowing smaller, heritage maisons to scale under specialized ownership.

Richemont, whose portfolio includes Cartier, Van Cleef & Arpels, and Montblanc, has increasingly prioritized its most profitable brands as it adapts to evolving global demand in luxury goods.

For Damiani, founded in 1924 in Valenza, the acquisition reinforces its identity as a family-controlled, vertically integrated luxury group with expanding global ambitions while maintaining a strong focus on craftsmanship and heritage.