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Damiani Group Finalizes Acquisition of Baume & Mercier
Richemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
A Joia de Baume & Mercier 10849 28 mm watch with a silvery sunburst dial and black calfskin strap ($1,450). Richemont sold the watch brand to Damiani Group for an undisclosed amount. (Image courtesy of Baume & Mercier’s Facebook page)
Geneva—Damiani Group has finalized its acquisition of watchmaker Baume & Mercier.
The luxury group, headquartered in Valenza, Italy, announced in January that it had entered an agreement to acquire the nearly 200-year-old Swiss watch brand from Richemont.
The companies announced last Wednesday the transaction had been completed following fulfilment of certain condition precedents.
The financial terms of the transaction were not disclosed.
Baume & Mercier will join Damiani Group’s portfolio, which includes jewelry brands Damiani, Salvini, Bliss, and Calderoni, as well as Murano glassmaker Venini, and Rocca, the group's multi-brand watch and jewelry distributor.
Damiani Group said its plans for the watch brand include enhancing its global visibility and market reach to realize its long-term potential.
The group said it will build upon Baume & Mercier's strong Italian footprint while also leveraging its extensive multi-brand distribution network and opening mono-brand boutiques in strategic international locations over time.
Richemont will continue to provide operational services for Baume & Mercier for an interim period while Damiani Group prepares to integrate the brand within its own operations.
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The luxury group, headquartered in Valenza, Italy, announced in January that it had entered an agreement to acquire the nearly 200-year-old Swiss watch brand from Richemont.
The companies announced last Wednesday the transaction had been completed following fulfilment of certain condition precedents.
The financial terms of the transaction were not disclosed.
Baume & Mercier will join Damiani Group’s portfolio, which includes jewelry brands Damiani, Salvini, Bliss, and Calderoni, as well as Murano glassmaker Venini, and Rocca, the group's multi-brand watch and jewelry distributor.
Damiani Group said its plans for the watch brand include enhancing its global visibility and market reach to realize its long-term potential.
The group said it will build upon Baume & Mercier's strong Italian footprint while also leveraging its extensive multi-brand distribution network and opening mono-brand boutiques in strategic international locations over time.
Richemont will continue to provide operational services for Baume & Mercier for an interim period while Damiani Group prepares to integrate the brand within its own operations.
The watch brand got its start in 1830, when Louis Joseph Baume opened a watchmaking counter in Les Bois, Switzerland. In 1918, one of his descendants, William Baume, partnered with Paul Mercier, and it became Baume & Mercier.
Cartier acquired Baume & Mercier, as well as Piaget, in 1988. Cartier was later acquired by Richemont, bringing both brands into its portfolio.
Nicolas Bos, CEO of Richemont, commented, “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.
“The Damiani Group is uniquely positioned to realize 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.”
Guido Damiani, executive president of Damiani Group, said the group is delighted and excited to welcome Baume & Mercier into its portfolio.
“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," he said.
“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.”
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