Swiss luxury group Richemont, controlled by South African billionaire Johann Rupert, has completed the sale of Swiss watchmaker Baume & Mercier to Italy's Damiani Group, marking another step in the company's strategy to focus on its strongest luxury brands as the global industry adjusts to slowing demand.
The companies announced on Wednesday that the private transaction, first unveiled in January 2026, had been completed after all customary closing conditions were met. The financial terms were not disclosed.
Although small compared with Richemont's flagship maisons such as Cartier and Van Cleef & Arpels, Baume & Mercier represents one of Switzerland's oldest watchmakers, with a history dating back to 1830.
Its sale shows Richemont's growing willingness to streamline its portfolio and concentrate investment on brands that generate the highest returns.
The transaction comes at a pivotal moment for the luxury goods industry. After years of rapid growth fuelled by post-pandemic spending, demand has softened across several key markets, particularly China, where weaker consumer confidence and a prolonged property downturn have weighed on discretionary spending.
