Richemont and the Damiani Group, a prestigious, family-run Italian global luxury group, announced yesterday that they have signed an agreement for the Damiani Group to acquire full ownership of Baume & Mercier in a private transaction. This represents a moment of reckoning for heritage manufactures navigating the increasingly polarized luxury watch market, and raises uncomfortable questions about what happens when an almost 200-year legacy isn't enough to secure your place in a conglomerate's future.