Startup

Movado Group acquires watch startup MVMT

   Download Android App    Share in      FullScreen   CheckVideos

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 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 versus complexity or cost.

Their pieces include standard three-handed models and newer quartz chronographs.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Startup


26