The Movado Group, which sells several firebrands, including Lacoste, Tommy Hilfiger and Hugo Boss, has bought MVMT, a small watch firm founded by Jacob Kassan and Kramer LaPlante in 2013. The companionship, which advertised heavily on Facebook, logged $71 million in receipt in 2017. Movado purchased the company for $100 million.
” The acquisition of MVMT will provide us greater access to millennials and advances our Digital Center of Excellence initiative with the additive of a powerful label managed by a successful team of highly innovative, intense and talented mortals ,” Movado Chief Executive Efraim Grinberg said.
MVMT manufactures simple-minded watches for the millennial sell in the vein of Fossil or Daniel Wellington. However, the company carved out a niche by advertising heavily on social media and represent one of the first microbrands with a solid online presence.
“It affords the chance to Movado Group’s portfolio as MVMT continues to cross-sell produces within its subsisting portfolio, expand make renders within its core categories of watches, sunglasses and supplements, and grow their participation in brand-new business through its direct-to-consumer and wholesale business, ” said Grinberg. MVMT is well-known as a” pattern symbol ,” namely a label that exchanges cheaper quartz watches that are sold on vogue versus complexity or cost. Their portions include standard three-handed representations and newer quartz chronographs.
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