Baume & Mercier in joint venture with Chinese Chow Tai Fook

Swiss luxury goods group Richemont and the world's

largest jewellery chain, the Chinese Chow Tai Fook, have announced the creation of a joint venture to distribute Baume & Mercier watches in mainland China.

Swiss daily ‘Le Temps’ cited a source inside Richemont to stress that the two luxury brands would each control 50 percent of the new company, which would distribute watches made by

Richemont luxury watchmaking brand Baume & Mercier in mainland China. While it would be expected to boost Richemont´s sales in China, Chow Tai Fook aims to see the deal as a way to accelerate its watch distribution business.

The financial details of the deal remain undisclosed.