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 firm, which marketed closely on Facebook, logged $71 million in income in 2017. Movado bought the corporate 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 mentioned.
MVMT makes easy watches for the millennial market within the vein of Fossil or Daniel Wellington. However, 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 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,” mentioned Grinberg.
MVMT is well-known as a “fashion brand,” particularly a model that sells cheaper quartz watches which might be offered on type versus complexity or price. Their items embrace normal three-handed fashions and newer quartz chronographs.