Switzerland’s luxury conglomerate Richemont has transferred ownership of watchmaker Baume & Mercier to Damiani Group of Italy. Financial details of the transaction remain undisclosed. Following this acquisition, Baume & Mercier will integrate into Damiani’s luxury product assortment. Damiani intends to boost Baume & Mercier's visibility and market penetration by utilizing its widespread multi-brand distribution network and establishing exclusive mono-brand boutiques in select strategic locations. Richemont will continue to offer operational services for Baume & Mercier for a minimum of 12 months after the deal closure. The transaction is poised to conclude this summer.

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