The Movado Group, which sells a number of manufacturers, together with Lacoste, Tommy Hilfiger and Hugo Boss, has bought MVMT, a small watch firm based by Jacob Kassan and Kramer LaPlante in 2013. The corporate, which marketed closely on Fb, logged $71 million in income in 2017. Movado bought the corporate for $100 million.
“The acquisition of MVMT will present us better entry to millennials and advances our Digital Heart of Excellence initiative with the addition of a strong model managed by a profitable staff of extremely inventive, passionate and proficient people,” Movado Chief Government Efraim Grinberg stated.
MVMT makes easy watches for the millennial market within the vein of Fossil or Daniel Wellington. Nonetheless, the corporate carved out a distinct segment by promoting closely on social media and being one of many first microbrands with a stable on-line presence.
“It supplies a chance to Movado Group’s portfolio as MVMT continues to cross-sell merchandise inside its current portfolio, develop product choices inside its core classes of watches, sun shades and equipment, and develop its presence in new markets by way of its direct-to-consumer and wholesale enterprise,” stated Grinberg.
MVMT is well-known as a “vogue model,” particularly a model that sells cheaper quartz watches which might be bought on type versus complexity or price. Their items embody normal three-handed fashions and newer quartz chronographs.