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Movado Group acquires watch startup MVMT for $100 million

The Movado Group, which sells multiple brands including Lacoste, Tommy Hilfiger and Hugo Boss, has purchased MVMT, a small watch company founded by Jacob Kassan and Kramer LaPlante in 2013. The company, which advertised heavily on Facebook, logged $71 million in revenue in 2017. Movado purchased the company for $100 million.

The acquisition of MVMT will provide us greater access to millennials and advances our Digital Center of Excellence initiative with the addition of a powerful brand managed by a successful team of highly creative, passionate and talented individuals,” Movado Chief Executive Efraim Grinberg said.

MVMT makes simple watches for the Millennial market in the vein of Fossil or Daniel Wellington. However, the company carved out a niche by advertising heavily on social media and being one of the first microbrands with a solid online presence.

“It provides an opportunity to Movado Group’s portfolio as MVMT continues to cross-sell products within its existing portfolio, expand product offerings within its core categories of watches, sunglasses and accessories, and grow its presence in new markets through its direct-to-consumer and wholesale business,” said Grinberg.

MVMT is well-known as a “fashion brand,” namely a brand that sells cheaper quartz watches that are sold on style vs. complexity or cost. Their pieces include standard three-handed models and newer quartz chronographs.

Watch Video Rewind for November 22, 2015

Watch Video Rewind

Video control panelWelcome to Watch Video Rewind, our (generally) weekly round up of watch related videos we feel are of interest.  This week, I thought I would focus on some of the smartwatches out there that are not being produced by the phone/tech giants, but are rather being created by watch companies.

Movado Series 800 Unveiled

mvado.gifA Movado sport watch? With a wavy fact and big arrow hour hand? Perhaps someone is seeing their market share drop?

I don’t like Movado much – so much depends on that single big dot that you almost lose the watch – but this sports model, apparently a quartz piece, has some chops. It comes on a rubber or steel band and costs about $1,000.

Best of all, NFL MVP Tom Brady is flogging the thing and saying stuff like:

“Movado is all about style and precision and that fits exactly what I try to bring both on and off the field, so I hope it’s a long term association,” the New England Patriot said. “A professional athlete’s life is highly scheduled. I practically need military discipline to keep pace, so time is definitely something I’m interested in.”

Deep.

Product Page [Movado]
Movado Has a New MVP [FashionWeekDaily.com]