Switzerland-based luxury group Richemont has sold specialist watchmaker Baume & Mercier to Italy’s Damiani Group for an undisclosed amount.

Following the transaction, Baume & Mercier will join Damiani’s hard luxury goods portfolio, which already comprises the Damiani, Salvini, Bliss and Calderoni jewellery brands, glassmaker Venini, and multi-brand watch and jewellery distributor Rocca. 

Swiss luxury watchmaker Baume & Mercier was originally founded as Frères Baume in 1830 and began trading under its current name in 1918. It is known for crafting elegant, high-quality wristwatches that blend tradition with contemporary style. 

The brand became part of Richemont during the luxury group’s early years in 1988.

Richemont said the watchmaker’s long-term potential will be best realised as part of Damiani Group, given the maison’s strong footprint in Italy.

Damiani plans to enhance the Baume & Mercier’s visibility and reach by leveraging its extensive multi-brand distribution network and opening select mono-brand boutiques in strategic locations.

Richemont will provide operational services for the brand for an interim period of at least 12 months after closing to ensure a smooth transition.

The deal is expected to close this summer, subject to certain condition precedents.

Richemont operates in three business areas, namely jewellery, specialist watches, and fashion and accessories. Other watchmakers owned by the group include A Lange & Sohne, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin.

For the quarter ended December 31, the group posted sales of 6.4 billion euros, up 11 per cent at constant exchange rates.