The Movado Group, which sells multiple brands, including Lacoste, Tommy Hilfiger and Hugo Boss, has purchased MVMT, a small watch company founded by Jacob Kassan and Kramer LaPlante in 2013.
The company, which advertised heavily on Facebook, logged $71 million in revenue 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 addition of a powerful brand managed by a successful team of highly creative, passionate and talented individuals,& Movado Chief Executive Efraim Grinberg said.MVMT makes simple watches for the millennial market in the vein of Fossil or Daniel Wellington.
However, the company carved out a niche by advertising heavily on social media and being one of the first microbrands with a solid online presence.It provides an opportunity to Movado Group 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,& said Grinberg.MVMT is well-known as a &fashion brand,& namely a brand that sells cheaper quartz watches that are sold on style versus complexity or cost.
Their pieces include standard three-handed models and newer quartz chronographs.