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Richemont debuts lower-priced watch brand Baume

Swiss luxury goods maker Compagnie Financière Richemont SA unveiled Baume, a lower-priced watch brand focused on customization and sustainability, Reuters reported May 16.

Richemont, home to high-end watch brands including Cartier, IWC, Jaeger-LeCoultre and Van Cleef & Arpels, has priced the new Baume watches starting at $560, according to Reuters. That is significantly below pricing for the company's luxury timepieces, which is typically thousands of dollars and can run up to tens of thousands.

The unisex Baume watches feature minimalist design, straps made of recycled materials, and packaging made of paper and cardboard instead of animal-based or precious materials, the report said. They are only available for purchase online, where Richemont said it is also offering a customizable Baume series that allows customers to configure watches from more than 2,000 variations.