Richemont Sells Baume & Mercier Watch Brand to Damiani

Summary

Richemont, a major luxury goods company, has decided to sell its Baume & Mercier watch brand to Italy’s Damiani due to a slowdown in the high-end watch market. Baume & Mercier is known for making elegant and expensive watches but recent changes in consumer demand have made it hard for Richemont to continue growing this brand. By selling Baume & Mercier, Richemont can focus more on other parts of its business, while Damiani, a well-known Italian luxury jeweler, takes over the watch brand with plans to grow it in the future. This sale is part of a larger trend where luxury brands are adjusting their strategies to cope with changes in the global market, especially for luxury goods like watches that many people no longer buy as much as before.