INSUBCONTINENT EXCLUSIVE:
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.
