Johann Rupert’s Richemont Sells Historic Watchmaker Baume & Mercier to Italy’s Damiani

Johannesburg / Geneva / Milan — South African billionaire Johann Rupert has approved the sale of one of Switzerland’s oldest luxury watch brands, Baume & Mercier, marking a notable reshaping of ownership within the global luxury watch industry.

Rupert’s luxury group Richemont announced that it will divest Baume & Mercier to Italy’s Damiani Group, a family‑owned jewellery powerhouse best known for its gold and gem‑set creations. The transaction is expected to close by summer 2026, subject to customary regulatory approvals. Financial terms were not disclosed.

A Strategic Shift in Global Luxury

The deal represents a strategic realignment for Richemont, one of the world’s most influential luxury groups, as it sharpens its focus on higher‑margin watch and jewellery maisons such as Cartier, Van Cleef & Arpels, IWC Schaffhausen, and Montblanc.

For Damiani, the acquisition signals a bold expansion into Swiss watchmaking. The Italian group said it plans to strengthen Baume & Mercier’s global visibility by leveraging its international distribution network and selectively opening mono‑brand boutiques in key luxury markets.

To ensure continuity, Richemont will continue providing operational support to Baume & Mercier for at least 12 months following the deal’s completion, allowing for a smooth transition of ownership and management.

One of Watchmaking’s Oldest Names

Founded in 1830, Baume & Mercier is among the world’s oldest continuously operating watchmakers. The brand has built a reputation around “accessible luxury,” combining Swiss craftsmanship with relatively attainable price points, particularly resonating with European consumers and the Italian market.

Baume & Mercier joined Richemont in 1988 as one of the founding brands of the group, the same year Richemont itself was established by Rupert. Over nearly four decades, the brand became an integral, if more understated, part of Richemont’s watch portfolio.

Johann Rupert’s Global Luxury Footprint

Richemont, headquartered in Switzerland, remains one of Europe’s most valuable luxury companies. In 2025, the group reported revenues of €21.4 billion ($25.1 billion), underscoring Rupert’s enduring influence over the global luxury ecosystem — from high jewellery and watchmaking to fashion and accessories.

Rupert’s decision to part with Baume & Mercier reflects a broader trend within luxury conglomerates: streamlining portfolios to concentrate capital, brand equity, and management attention on core, high‑growth maisons amid shifting consumer preferences and intensifying competition.

Damiani’s Expansion Play

Founded in Valenza, Italy, in 1924, Damiani is deeply rooted in Italian craftsmanship. After returning to private ownership in 2019 following a family‑led buyout, the group has steadily expanded its international footprint. Italy remains its largest market, but the acquisition of Baume & Mercier positions Damiani to play a more prominent role in the Swiss‑dominated watch industry.

Industry observers view the move as an attempt to blend Italian design sensibility and retail strength with Swiss horological heritage — a combination that could redefine Baume & Mercier’s positioning over the next decade.

Why the Deal Matters

Beyond the transaction itself, the sale highlights Africa’s indirect but growing imprint on global luxury capital flows. Through Richemont, Johann Rupert has long demonstrated how African‑rooted capital can shape and influence the highest tiers of European luxury.

As ownership of Baume & Mercier shifts from a Swiss‑based conglomerate led by a South African billionaire to an Italian family group, the deal underscores how heritage brands continue to evolve — adapting to new strategic priorities while preserving centuries‑old craftsmanship.