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Richemont agreed to sell Swiss watchmaker Baume & Mercier to Italy’s Damiani Group following a slowdown in the market for pricey timepieces.
The purchase of the almost 200-year-old watchmaker will expand Damiani’s range of brands, which include Salvini, Bliss and Calderoni, as well as artistic glass-maker Venini, according to a statement Thursday. Financial terms were not disclosed.
Richemont, which owns jewelers Cartier and Van Cleef & Arpels as well as watchmakers such as Piaget and…
