Richemont completes sale of Baume & Mercier
Damiani Group has completed the acquisition of Baume & Mercier from Richemont, following the initial announcement back in January.
It means that Damiani Group owns 100% of the watchmaker, following the fulfilment of certain condition precedents.
As part of the sale agreement, Richemont will provide operational services for Baume & Mercier for a period of time while Damiani integrates the brand into its own operations.
“Damiani Group has been a valued historical partner for Baume & Mercier and the wider Richemont, successfully operating some of our external boutiques and distributing several of our Maisons’ watches in their Rocca stores,” said Nicolas Bos, Richemont’s CEO. “The Damiani Group is uniquely positioned to realise Baume & Mercier’s full potential, given the Maison’s strong footprint in Italy, its predominantly multi-brand distribution, and its accessible luxury positioning.
“We are confident to have found in Damiani Group the right home for Baume & Mercier to thrive in years to come,” Bos concluded.
Guido Damiani, executive president of Damiani Group, was equally excited about the new member of the team. “We are delighted and excited to welcome Maison Baume & Mercier into Damiani Group’s portfolio,” he commented. “This acquisition marks a significant milestone in strengthening our presence in the world of fine watchmaking and represents an important step in our long-term growth strategy.
“By establishing a more focused operating model and leveraging our extensive international distribution network, together with our deep expertise in the luxury sector, we are confident that we can unlock the Maison’s full potential while preserving and enhancing its exceptional heritage of watchmaking excellence. 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 two companies haven’t disclosed the financial terms of the transaction.
