Richemont Unloads Baume & Mercier
Richemont has announced the sale of its entry-level Baume et Mercier brand to the Italian Damiani Group, which has been a key distributor of the brand through its retail chain Rocca. Although Baume et Mercier has struggled with profitability, the acquisition is expected to leverage its presence in Italy, a crucial market for the brand, where 325 stores carry Baume et Mercier compared to fewer stores in France, the United States, and Mainland China. The transition will require Baume et Mercier to disentangle from Richemont, with the deal anticipated to close in the summer. Following the acquisition, Richemont will provide operational services for the brand for at least 12 months. There is uncertainty regarding the future of the brand’s “Baumatic” movements, which feature a five-day power reserve and are produced by ValfFeurier, Richemont's equivalent to ETA.
