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.
Editors' Picks
Sponsored by
More on Financials
The Latest
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
RapNet Rebranding as Rapaport TradeThe revamped online diamond marketplace will feature pricing intelligence and data-driven tools for more efficient buying and selling.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
