South African billionaire Johann Rupert’s Richemont said it will sell Swiss watchmaker Baume & Mercier to Italy’s Damiani Group in a surprise move that reshapes ownership of one of the world’s oldest luxury watch brands.

The companies said in a joint statement that the transaction is expected to close in the summer of 2026, subject to customary conditions, according to Forbes. Financial terms were not disclosed.

Damiani, a family-owned jewellery group, said it plans to strengthen Baume & Mercier’s visibility and global reach by leveraging its multi-brand distribution network and gradually opening select mono-brand boutiques in strategic locations.

To ensure a smooth handover, Richemont will continue to provide operational services to the brand for at least 12 months following the deal's closure.

A historic watchmaker

Founded in 1830, Baume & Mercier is among the world’s oldest continuously operating watchmakers, though it has changed ownership several times.

It has built its reputation around accessible luxury watches, relying heavily on wholesale partners and a strong footprint in Europe, particularly Italy. It joined Richemont in 1988 as one of the founding brands of the luxury group.

Richemont, founded the same year by South African billionaire Johann Rupert, is headquartered in Switzerland and ranks among the country’s most valuable companies.

The group reported revenue of €21.4 billion ($25.1 billion) in 2025 and owns major jewellery, watch and fashion brands including Cartier, Van Cleef & Arpels, IWC Schaffhausen and Montblanc.

Founded in 1924 in Valenza, Italy, Damiani is best known for its gold and gem-set jewellery. The group, which returned to private ownership in 2019 after a family-led buyout, operates a global network of boutiques and franchises, with Italy remaining its largest market. (Business Insider Africa)