Johannesburg, South Africa — 2026-01-26 South African billionaire Johann Rupert’s Richemont sells Baume & Mercier to Damiani. South African billionaire Johann Rupert’s luxury goods conglomerate, Richemont, has announced the sale of the Swiss watchmaker Baume & Mercier to Italy’s Damiani Group.
The transaction marks a significant shift in the luxury watch market, as Richemont continues to restructure its portfolio.
According to local reports, the financial details of the deal were not disclosed.
However, industry experts suggest that the sale could be valued in the hundreds of millions of dollars. Baume & Mercier, known for its elegant and sophisticated timepieces, has been a part of Richemont’s portfolio since 1998.
The Damiani Group, a family — owned business, has a strong presence in the luxury sector, particularly in jewelry and leather goods.
The acquisition of Baume & Mercier is expected to bolster Damiani’s position in the luxury watch market.
In a statement, Richemont officials indicated that the sale is part of the company’s strategy to focus on its core brands and to streamline its operations.
The company has been under scrutiny for its performance in recent years, with investors calling for a more focused approach. Industry This move by Richemont comes after the company sold its stake in the Italian fashion brand Fendi in 2020.
The transition of Baume & Mercier to Damiani is expected to be completed in the coming months, subject to regulatory approvals.
Further details regarding the integration of Baume & Mercier into Damiani’s operations were not immediately available. Sources close to the matter said that the sale is seen as a positive development for both companies, with Damiani gaining a significant entry into the watchmaking sector, while Richemont can concentrate on its core luxury brands.
Further details are expected to emerge as the deal progresses.
Source: Africa.
