Movado Group, Inc. designs, sources, markets, and distributes watches worldwide. The company operates in two segments, Watch and Accessory Brands, and Company Stores. It offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands, such as Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, Calvin Klein, and Scuderia Ferrari. The company also provides after-sales and shipping services. Its customers include jewelry store chains, department stores, independent regional jewelers, network of independent distributors, online marketplaces, licensors' retail stores, and third-party e-commerce retailers. The company also sells directly to consumers through its e-commerce platforms. As of January 31, 2022, it operated 51 retail outlet locations. The company was formerly known as North American Watch Corporation and changed its name to Movado Group, Inc. in 1996. Movado Group, Inc. was founded in 1961 and is based in Paramus, New Jersey.
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Here are 1-2 brief analogies for Movado (MOV):
- Movado Group is like a mini Swatch Group, focusing on fashion and affordable luxury watches.
- Movado Group is like the Luxottica for fashion watches, making watches for many popular fashion brands and its own.
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- Watches: Movado Group designs, manufactures, and distributes a wide range of wristwatches for men and women under various owned and licensed brand names.
- Jewelry: The company also offers a selection of jewelry items, primarily complementing its watch brands, including necklaces, bracelets, and earrings.
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Movado Group (symbol: MOV) primarily sells its watches and accessories through a wholesale business model, distributing to various retailers who then sell to individual consumers. While the company also operates its own retail stores and e-commerce websites, a significant portion of its revenue comes from sales to other companies.
Based on Movado Group's annual report (Form 10-K), its major identifiable customer is:
Macy's, Inc. accounted for approximately 12.3% of Movado Group's consolidated net sales in fiscal year 2023. The company's annual report also mentions that its next four largest customers collectively represented an aggregate of approximately 16.2% of consolidated net sales for fiscal year 2023, but these specific customers are not individually named in public filings.
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Efraim Grinberg, Chairman and Chief Executive Officer
Mr. Grinberg joined Movado in June 1980 and has served as Chief Executive Officer since May 2001 and Chairman of the Board of Directors since January 2009. He previously held roles as President and Chief Operating Officer from June 1990 to October 1995, and President from October 1995 until May 2001. Mr. Grinberg oversaw Movado's initial public offering in 1993, and his father, Gedalio "Gerry" Grinberg, founded the North American Watch Corporation, which was the precursor to today's Movado Group.
Sallie A. DeMarsilis, Executive Vice President, Chief Operating Officer, Chief Financial Officer and Principal Accounting Officer
Ms. DeMarsilis joined Movado in January 2008 as Senior Vice President of Finance and was appointed Chief Financial Officer and Principal Accounting Officer effective March 31, 2008. She also serves as Executive Vice President and Chief Operating Officer. Prior to Movado, from December 2004 through December 2007, she served as Senior Vice President of Finance with The Warnaco Group, Inc. She also held several senior financial positions with Ann Inc. (formerly Ann Taylor Stores Corporation) from November 1994 through December 2004. Ms. DeMarsilis is a Certified Public Accountant and previously worked in public accounting with Deloitte & Touche LLP for eight years. Both The Warnaco Group, Inc. and Ann Inc. were publicly traded companies during her tenure.
Behzad Soltani, Executive Vice President, Commercial President and Chief Technology Officer
Mr. Soltani joined Movado in March 2018 as Chief Digital Officer and was promoted to Executive Vice President, Commercial President, and Chief Technology Officer in June 2020. Before joining Movado, he served as Vice President and General Manager of B2B at Boxed. His previous experience also includes serving as Vice President and General Manager at Keurig, and holding senior roles at Staples and FedEx Office.
Mitchell C. Sussis, Senior Vice President, General Counsel and Secretary
Mr. Sussis joined Movado in November 2015 as Senior Vice President, General Counsel and Secretary. Prior to Movado, he was Vice President and Deputy General Counsel of Time Inc. from January 2014. He also served as Senior Vice President and Deputy General Counsel of Level 3 Communications, Inc. and Senior Vice President, Deputy General Counsel and Secretary of Global Crossing Limited until its acquisition by Level 3 Communications in 2011. He began his legal career at Simpson Thacher & Bartlett LLP in 1989.
Michelle Kennedy, Senior Vice President, Chief Human Resources Officer
Ms. Kennedy joined Movado in February 2023 and was appointed Senior Vice President, Chief Human Resources Officer in May 2023. From 2011 to 2023, she held various positions of increasing responsibility at Williams-Sonoma, Inc., culminating in Senior Vice President of Human Resources.
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The clear emerging threat for Movado is the continued growth and technological advancement of smartwatches. Similar to how the iPhone disrupted traditional feature phones like BlackBerry by offering superior functionality and an ecosystem of apps, smartwatches offer features far beyond time-telling, including health monitoring, fitness tracking, mobile payments, and seamless connectivity. This directly competes for consumer wrist real estate and discretionary spending, particularly within the fashion and lifestyle segments where many of Movado's brands (including licensed brands like Tommy Hilfiger, Coach, and Hugo Boss, and their owned brands like Movado and MVMT) operate. As smartwatch technology becomes more sophisticated and accessible, it continues to capture market share, potentially diminishing the perceived value and demand for traditional, single-function timepieces.
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Movado Group, Inc. (symbol: MOV) primarily operates within the global watch and luxury watch markets, and to a lesser extent, the global jewelry market. The company designs, sources, and distributes watches under its proprietary brands, including Movado, Concord, EBEL, Olivia Burton, and MVMT, as well as licensed brands such as Coach, Hugo Boss, Lacoste, Tommy Hilfiger, and Calvin Klein. Movado also offers jewelry products under its brand.
The addressable markets for Movado's main products are 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, growing at a compound annual growth rate (CAGR) of 4.25% from 2025 to 2033. Another estimate indicates the global watch market size at USD 75.8 billion in 2024, expected to grow to USD 116.7 billion in 2034 with a CAGR of 4.5%. Asia Pacific held a market share of 49.14% in 2024.
- Global Luxury Watch Market: The global luxury watch market size was valued at USD 53.69 billion in 2024. It is projected to grow to USD 134.53 billion by 2032, at a CAGR of 12.23% during the forecast period from 2025 to 2032. Other estimates place the global luxury watch market at USD 44.99 billion in 2023, with a projection to reach USD 62.25 billion by 2030 at a CAGR of 4.7% from 2024 to 2030. Another report shows the market valued at USD 46.3 billion in 2024, expected to reach USD 77.3 billion by 2033, at a CAGR of 5.08%. Asia Pacific dominated this market with a share of 41.72% in 2024.
- Global Jewelry Market: The global jewelry market size was valued at USD 371.41 billion in 2024 and is expected to reach USD 566.86 billion by 2033, growing at a CAGR of 4.81%. Other estimates suggest the market was USD 366.79 billion in 2024 and is projected to reach USD 578.45 billion by 2033, with a CAGR of 5.3% from 2025 to 2033. Asia-Pacific led the global jewelry market, accounting for 55.1% of the global market share in 2024.
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Movado Group (MOV) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Increased Investment in Marketing and Brand Building: The company has committed to a robust marketing strategy and brand refresh, with planned significant investments in marketing to support its brand portfolio and drive demand. For instance, Movado planned an incremental $17.4 million in marketing in fiscal 2025 and a $25 million marketing push for brand revitalization in fiscal 2025.
- Product Innovation and New Product Introductions: Movado is focused on driving innovation and introducing new products to the market. Recent successes include increased penetration in women's watches with new offerings like the BANGL watches, Mini Quest, and Bold Tank watch.
- Expansion in Key International Markets: The company aims to capture significant growth opportunities by expanding its presence in important international regions. Movado has observed strong sell-through results and plans continued worldwide expansion in key markets such as India, the Middle East, Brazil, and Mexico.
- Enhancing Digital Engagement and Direct-to-Consumer Capabilities: A crucial strategic priority for Movado is to build consumer-centric, digital-oriented competencies and to connect directly with consumers in the digital world to foster future growth.
- Strategic Focus on Core Brands within its Portfolio: Movado plans to realize the full potential of its strong brand portfolio, which includes owned brands like Movado, Concord, Ebel, MVMT, and Olivia Burton, and licensed brands such as Calvin Klein, Coach, Hugo Boss, Lacoste, and Tommy Hilfiger. The company has a regional brand focus, with Movado and Coach being priorities in the U.S., and Tommy Hilfiger, HUGO BOSS, and Lacoste in Europe.
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Share Repurchases
- Movado's Board of Directors approved a new share buyback program on December 5, 2024, authorizing the repurchase of up to $50 million of its outstanding common shares, with an expiration date of December 5, 2027.
- During fiscal year 2025 (ended January 31, 2025), Movado repurchased approximately 120,000 shares under a previous program that expired on November 23, 2024.
- The company made significant repurchases in prior fiscal years, including approximately $15.56 million in the quarter ended April 30, 2022 (fiscal 2023) and $9.66 million in the quarter ended July 31, 2021 (fiscal 2022).
Share Issuance
- Movado's share repurchase programs are primarily intended to offset the dilution of earnings per share caused by shares issued in connection with equity-based compensation plans.
- The total number of outstanding common shares has seen a net decrease over the past few years, with common stock decreasing from 16.24 million as of March 21, 2022, to 15.78 million as of May 23, 2025.
Outbound Investments
- Movado committed to invest up to $21.5 million in minority investments in growth companies, primarily within the consumer products sector and related fields, with approximately $14.1 million of these commitments funded through fiscal 2025 (ended January 31, 2025).
- Long-term investments totaled approximately $(5.67) million in fiscal 2025 and $(3.11) million in fiscal 2024.
- In prior periods, long-term investments were approximately $(3.26) million in fiscal 2023 and $(1.97) million in fiscal 2022.
Capital Expenditures
- Movado's capital expenditures were approximately $7.97 million in fiscal 2025 (ended January 31, 2025) and $8.22 million in fiscal 2024 (ended January 31, 2024).
- The company reported capital expenditures of $7.09 million in fiscal 2023 and $5.66 million in fiscal 2022.
- Capital expenditures in fiscal 2022 included investments for opening new stores (two in Canada), upgrades to its website platform, and the construction of shop-in-shops at wholesale customer locations.
