It's like EssilorLuxottica, but for watches.

• Watches: The company designs, sources, markets, and distributes watches under various owned and licensed brands globally.
• After-sales Services: Movado provides support and maintenance services for its watches after purchase.
• Shipping Services: The company offers services for the delivery of its products to customers.

Movado (MOV) primarily sells to other businesses, which then distribute and sell Movado Group's products to end consumers. Based on the provided company description, its major business-to-business (B2B) customers include:

• Jewelry store chains
• Department stores
• Independent regional jewelers
• Networks of independent distributors
• Online marketplaces
• Licensors' retail stores
• Third-party e-commerce retailers

The company also sells directly to consumers through its e-commerce platforms and its 51 retail outlet locations.

Efraim Grinberg, Chairman and Chief Executive Officer

Efraim Grinberg inherited his passion for watches from his father, Gedalio "Gerry" Grinberg, who founded the North American Watch Corporation, the precursor to today's Movado Group. He joined Movado Group in June 1980 and served in various marketing roles before becoming President and Chief Operating Officer from 1990 to 1995, and then President from 1995 to 2001. In May 2001, he was elected President and Chief Executive Officer, and became Chairman of the Board in January 2009. Mr. Grinberg oversaw the company's initial public offering in 1993 and has been instrumental in building Movado Group into a global enterprise. Under his leadership, Movado Group completed the sale of Piaget's business in 1999.

Sallie A. DeMarsilis, Executive Vice President and Chief Financial Officer

Sallie A. DeMarsilis joined Movado Group in January 2008. Prior to her tenure at Movado, she worked for Deloitte. Her responsibilities as CFO encompass finance, forecasting, investor relations, financial reporting, treasury, taxes, and new business and licensing agreements.

Behzad Soltani, Executive Vice President, Chief Operating Officer

Behzad Soltani joined Movado Group in March 2018 as Chief Digital Officer, where he was tasked with developing the company's Digital Center of Excellence. He was promoted to Executive Vice President, Commercial President & Chief Technology Officer in June 2020, and subsequently became Executive Vice President, Chief Operating Officer in September 2024, taking primary responsibility for operations. Before joining Movado, Mr. Soltani held significant roles including Vice President and General Manager of B2B at Boxed, Vice President and General Manager of e-commerce at Keurig, and senior positions at Staples and FedEx Office.

Alexander Grinberg, Senior Vice President of Customer/Consumer Centric Initiatives and Director

Alexander Grinberg started with Movado Group in December 1994 as a territory manager for the Movado brand. He advanced to Vice President of International Sales for the Concord brand in June 1996. From February 1999 to October 2001, Mr. Grinberg was based in the Far East, where he focused on developing Movado Group brands in Hong Kong and Japan.

The key risks to Movado Group, Inc.'s business are:

1. Weak Consumer Demand and Macroeconomic Headwinds: The company operates in the consumer discretionary sector, making it highly susceptible to broader macroeconomic conditions. There is ongoing global retail uncertainty and weakening consumer demand, which directly translates into lower sales volumes and increased pressure for discounting. Adverse economic conditions in key markets further exacerbate this risk.
2. Internal Control Weakness, Financial Restatements, and Securities Fraud Investigation: Movado Group, Inc. is currently under investigation for potential securities fraud due to misconduct in its Dubai branch, involving overstated sales and underreported credit notes. This has led to the need to restate financial statements for fiscal years ending January 31, 2024, 2023, and 2022. The company also identified a material weakness in its internal control over financial reporting, specifically concerning its risk assessment process related to the Dubai Branch. This risk significantly impacts financial reporting integrity, investor confidence, and could result in legal and reputational damage.
3. Intense Competition and Challenges to Brand Relevance: Movado operates in a fiercely competitive landscape, facing rivals across luxury, fashion, and value-oriented timepiece segments. The global watch industry has been fundamentally reshaped by the rise of smartwatches, which now account for over 40% of all unit sales, posing a significant threat to traditional watch sales. The company faces intense competition from specialized high-end watch brands, mass-market players, and smartwatch behemoths, requiring continuous innovation and strategic efforts to maintain brand relevance.

The addressable markets for Movado's main products are estimated as follows:

• Global Watch Market: The global watch market was valued at approximately USD 78.0 billion in 2024 and is projected to reach USD 113.8 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.25% from 2025 to 2033. Another estimate places the global watch market at USD 75.8 billion in 2024, with a projected growth to USD 116.7 billion by 2034 at a CAGR of 4.5%. A higher estimate for the global watch market size was USD 103.01 billion in 2024, expected to grow to USD 158.19 billion by 2033 with a CAGR of 4.8% during the forecast period.
• Global Luxury Watch Market: The global luxury watch market was valued at approximately USD 29.1 billion in 2024 and is estimated to grow to USD 37.0 billion by 2033, with a CAGR of 2.65% from 2025-2033. Other reports indicate the global luxury watch market was valued at around USD 53.69 billion in 2024 and is projected to reach USD 72.9 billion by 2030, at a CAGR of about 5.23% from 2025-2030. Another source valued the global luxury watch market at USD 46.3 billion in 2024, with a forecast to reach USD 77.3 billion by 2033 at a CAGR of 5.08% during 2024–2033.
• U.S. Watch Market: The United States watch market was valued at approximately USD 22.77 billion in 2024 and is expected to grow to USD 34.34 billion by 2033, exhibiting a CAGR of 4.67% between 2025 and 2033. Another estimate for the U.S. watch market size was USD 22.08 billion in 2024, projected to reach USD 35.1 billion by 2035 at a CAGR of approximately 4.3% from 2025 to 2035.

Expected Drivers of Future Revenue Growth for Movado (MOV)

• New Product Development and Innovative Assortments: Movado's future revenue growth is expected to be driven by the development of new watch designs and the continued success of innovative watch and jewelry assortments across its brands. This strategy has shown positive reception, particularly in Europe and the United States.
• Strategic Marketing and Brand Building Initiatives: The company plans a "groundbreaking evolution" of its Movado brand advertising campaign in fiscal 2025 and into fiscal 2026, which is anticipated to accelerate growth. This aligns with prudently investing in brand building initiatives.
• Growth in Direct-to-Consumer (DTC) Channels: Movado has experienced double-digit growth for the Movado brand in its direct-to-consumer channels. The company's focus on digital channels is also noted as a payoff.
• International Market Expansion with emphasis on Europe for Licensed Brands: Movado expects its licensed brands to return to growth in the current fiscal year, with a strong focus on Europe, which is its largest market for this segment.
• Benefiting from Tariff Relief: An agreement between Switzerland and the United States to reduce tariffs on Swiss watches by 15% is considered a forward catalyst for Movado, potentially improving profitability and competitiveness.

[1] Share Repurchases

• During fiscal year 2025 (ended January 31, 2025), Movado Group, Inc. repurchased approximately 120,000 shares under its November 23, 2021, share repurchase program.
• A new share repurchase program was authorized on December 5, 2024, allowing for the purchase of up to $50.0 million of outstanding stock through December 5, 2027.
• As of July 31, 2025, $48.4 million remained available under the December 5, 2024, share repurchase program, after approximately 100,000 shares were repurchased in the first six months of fiscal year 2026 (ended July 31, 2025).

[2] Share Issuance

• No explicit dollar amounts for share issuances were identified, but the number of outstanding shares shows slight variations. For instance, Common Stock outstanding was 16,238,767 as of March 21, 2022, and 15,643,432 as of March 20, 2024.

[4] Outbound Investments

• Movado Group, Inc. fully impaired a $0.5 million equity investment in a consumer products company in the first quarter of fiscal year 2024 (ended January 31, 2024), as the company sold its business with little return for equity holders.

[5] Capital Expenditures

• Capital expenditures were $8.075 million in fiscal year 2025 (ended January 31, 2025), $8.367 million in fiscal year 2024, and $7.3 million in fiscal year 2023.
• The company expects capital expenditures to be approximately $10 million in fiscal year 2026, primarily focused on ordinary business projects, including facilities improvements and technology upgrades.