WatchesMar 01, 2022
Movado Launches First Calvin Klein Collection Under New Licensing DealFinancialsMar 24, 2022
Movado’s 2021 US Sales Shot Up 61 Percent
Also, the company has donated $100,000 to charities aiding those affected by the war in Ukraine.
These 36 mm square-dial watches are a part of Movado’s capsule collection in collaboration with the late artist Carmen Herrera.
Paramus, N.J.—Movado Group reported strong sales in the fourth quarter and the full year but remained cautious about the fiscal year ahead in light of the war in Ukraine and inflationary pressures.
Like Signet CEO Gina Drosos last week, Movado CEO Efraim Grinberg opened the company’s earnings call Thursday morning by addressing the Russian invasion of Ukraine.
“We are now operating in a world that is being greatly affected by the devastation in Ukraine. Our hearts and prayers go out to all those affected by this untenable situation.”
The Movado Group Foundation donated $100,000, split evenly between the International Rescue Committee and UNHCR, the UN Refugee Agency.
Looking at its results, net sales in the fourth quarter were up 16 percent to $206 million, compared with $178.3 million in the previous year’s fourth quarter.
Movado attributed the sales increase to growth in its wholesale customers’ brick-and-mortar stores as well as in online retail, in its owned stores and wholesale customers’ website, and growth in Movado stores.
For the full year, net sales surged 45 percent to $732.4 million, compared with $506.4 million in 2021.
Quarterly gross profit totaled $120.8 million, or 59 percent of net sales, compared with $100.8 million, or 57 percent of net sales, in the same period last year.
Gross profit for the full year was $419.1 million, or 57 percent of net sales, compared to gross profit of $270.5 million, or 53 percent of net sales, in fiscal 2021.
In the U.S. market, quarterly net sales were up 19 percent year-over-year, and up 12 percent compared with pre-pandemic Q4 2020.
For the full year, U.S. sales soared, climbing 61 percent year-over-year, and up 14 percent compared with Q4 2020.
“We attribute our ongoing strength to the successful execution of our strategy with powerful brands, excellent craftsmanship and desirable designs,” said CEO Efraim Grinberg in a press release about the results.
“This drove sales growth in our owned and licensed brands; in the U.S. and internationally, and across our channels of wholesale and direct-to-consumer.”
The Movado website has seen “significant growth,” said Grinberg on the call, as the company continues to develop its digital platform and omnichannel capabilities.
Sales on the Movado website grew by 34 percent in the fourth quarter, with average unit retail increasing by 17 percent. Website sales grew 61 percent in the full year.
Movado jewelry made up 12 percent of the brand’s e-commerce sales in the quarter, Grinberg said, with sales more than doubling year-over-year.
For the quarter, watches that retail for more than $1,000 accounted for more than 20 percent of Movado sales.
In fall 2021, Movado launched a new capsule collection in collaboration with Cuban-born artist Carmen Herrera, who died last month at 106.
Related stories will be right here …
Like Signet CEO Gina Drosos last week, Movado CEO Efraim Grinberg opened the company’s earnings call Thursday morning by addressing the Russian invasion of Ukraine.
“We are now operating in a world that is being greatly affected by the devastation in Ukraine. Our hearts and prayers go out to all those affected by this untenable situation.”
The Movado Group Foundation donated $100,000, split evenly between the International Rescue Committee and UNHCR, the UN Refugee Agency.
Looking at its results, net sales in the fourth quarter were up 16 percent to $206 million, compared with $178.3 million in the previous year’s fourth quarter.
Movado attributed the sales increase to growth in its wholesale customers’ brick-and-mortar stores as well as in online retail, in its owned stores and wholesale customers’ website, and growth in Movado stores.
For the full year, net sales surged 45 percent to $732.4 million, compared with $506.4 million in 2021.
Quarterly gross profit totaled $120.8 million, or 59 percent of net sales, compared with $100.8 million, or 57 percent of net sales, in the same period last year.
Gross profit for the full year was $419.1 million, or 57 percent of net sales, compared to gross profit of $270.5 million, or 53 percent of net sales, in fiscal 2021.
In the U.S. market, quarterly net sales were up 19 percent year-over-year, and up 12 percent compared with pre-pandemic Q4 2020.
For the full year, U.S. sales soared, climbing 61 percent year-over-year, and up 14 percent compared with Q4 2020.
“We attribute our ongoing strength to the successful execution of our strategy with powerful brands, excellent craftsmanship and desirable designs,” said CEO Efraim Grinberg in a press release about the results.
“This drove sales growth in our owned and licensed brands; in the U.S. and internationally, and across our channels of wholesale and direct-to-consumer.”
The Movado website has seen “significant growth,” said Grinberg on the call, as the company continues to develop its digital platform and omnichannel capabilities.
Sales on the Movado website grew by 34 percent in the fourth quarter, with average unit retail increasing by 17 percent. Website sales grew 61 percent in the full year.
Movado jewelry made up 12 percent of the brand’s e-commerce sales in the quarter, Grinberg said, with sales more than doubling year-over-year.
For the quarter, watches that retail for more than $1,000 accounted for more than 20 percent of Movado sales.
In fall 2021, Movado launched a new capsule collection in collaboration with Cuban-born artist Carmen Herrera, who died last month at 106.
Movado Group’s licensed brands, including Coach and Tommy Hilfiger, also put on a solid performance, with sales up 12 percent year-over-year in the quarter and up 40 percent for the full year.
The Tommy Hilfiger brand saw strong growth, particularly in key European markets, in both jewelry and watches.
The Coach brand performed well in the U.S. and China, especially its “Arden” collection.
The Hugo Boss brand’s sales exceeded pre-pandemic levels. A new “Admiral'' model, made of ocean plastic and featuring a solar movement, will be introduced this spring to appeal to eco-conscious consumers.
Movado will produce Hugo Boss jewelry in addition to watches after its wholly owned Swiss subsidiary, MGI Luxury Group, recently amended its licensing deal with Hugo Boss Trade Mark Management, according to an SEC filing.
The licensing period was also extended to Dec. 31, 2026, with an additional five years for certain rights after that.
Lacoste also performed well, with its “1212” and “Tiebreaker” collections standing out. The brand will soon introduce a new Minecraft collection and an active lifestyle collection.
The Olivia Burton brand was down single digits for the year due to challenges in its U.K. market.
The MVMT brand also saw single-digit declines for the year, which Grinberg attributed to moderating customer acquisition costs due to decreased marketing efficiency. The brand’s newly appointed CEO, Eran Cohen, is developing a growth strategy, said Grinberg.
Movado also launched its Calvin Klein watches and jewelry line earlier this month.
It inked a five-year licensing agreement with the brand in August 2020 after Calvin Klein ended its 22-year licensing deal with Swatch Group.
Grinberg is taking a cautious approach to the fiscal year ahead.
He highlighted rising inflationary pressures, including wage and labor pressures, as reasons and said Movado will offset some of these costs through price increases.
“As we look ahead, we recognize that we continue to operate in an uncertain environment, with rising interest rates heightened by increasing inflation, combined with the war in Ukraine, ongoing COVID outbreaks and closures in China, and lapping U.S. stimulus measures in the first half of last year, yet we remain confident in our positioning and our ability to deliver long term growth in sales and profit,” he said.
Fiscal 2023 net sales are expected to be in the range of approximately $780 million to $800 million.
Gross profit is expected to be 58 percent of net sales, while operating income is expected to be in the range of to $125 million to $130 million.
The updated outlook does not take into consideration inflation, geopolitical unrest, additional COVID-related retail closures or significant changes in foreign currency exchange rates, Movado noted.
More on Financials
The Latest
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
SourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent StatusVivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
SourcingDec 02, 2025
Brendan Laurs Honored With 2025 Bonanno AwardLaurs is the editor-in-chief of Gem-A’s The Journal of Gemmology and an expert on the formation of colored gemstone deposits.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
