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The Movado Group, which owns Movado and a host of licensed watch brands, has announced its agreement to purchase MVMT Watches Inc., the five-year-old lifestyle brand that creates watches, sunglasses and accessories in the affordable price range. Begun in 2013 and empowered by crowd funding, MVMT’s watch line offers minimalist design. The LA-based company is incredibly strong in social media, and today has a global community of more than 1.5 million MVMT owners, so it offers strong expansion for Movado Group into a millennial brand and also satisfies the Group’s new digital strategy.
The agreement to acquire MVMT Watches Inc., is expected to close around the first of October of 2020.
MVMT, which achieved revenue of approximately $71 million in 2017, currently has expanded into more than 160 countries via a direct-to-customers business philosophy, selling predominantly through its e-commerce site. The brand’s digital program across all social media channels yields an impressive 4.5 million followers. The brand’s Los Angeles founders, Jacob Kassan, 27, and Kramer LaPlante, 26, were named to Forbes’ “30 under 30” list in 2017. Both of the founders of MVMT are expected to continue leading the company, and its 40 employees in Los Angeles.
The acquisition not only assists the Movado Group (MOV) in its reach to milllennials and in its digital expansion, but also gives MVMT access to the Group’s global distribution network. Additionally, Movado Group can enhance its direct-to-consumer approach.
