FinancialsMar 20, 2024
Signet’s Q4 Same-Store Sales Sink 10% FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Model Georgia May Jagger, daughter of model Jerry Hall and Rolling Stones frontman Mick Jagger, stars in the new campaign for Tommy Hilfiger, a licensed brand in Movado’s portfolio. Movado’s fourth-quarter and full-year sales declined.
Paramus, N.J.—Movado Group ended its fiscal year 2024 on a low note, with full-year sales down double digits.
“For the past year, we’ve been operating in a challenging retail environment in our largest markets, the United States and Europe,” CEO Efraim Grinberg said on an earnings call Tuesday morning.
“A continuation of post-COVID dynamics, a rebound in travel spending, multiyear inflationary pressures, and increasing geopolitical uncertainty are all affecting consumer demand for discretionary products.”
Grinberg noted that Movado’s holiday marketing initiatives and new product introductions in both watches and jewelry were “favorably received.”
In the fourth quarter ending Jan. 31, net sales fell 8 percent year-over-year (9 percent on a constant dollar basis) to $179.6 million.
Quarterly sales in the U.S. were down 12 percent year-over-year while international sales fell 3 percent.
Gross profit was $96.8 million, or 54 percent of net sales, compared with $109.3 million, or 56 percent of net sales in the previous fourth quarter.
For the full-year, net sales were down 11 percent year-over-year (12 percent on a constant dollar basis) to $672.6 million.
The company said sales declined across all channels—online, in its company-owned and -operated stores, and at its wholesale customers’ brick-and-mortar stores.
Full-year sales in the U.S. fell 13 percent year-over-year while international sales declined 9 percent.
Gross profit was $370.4 million, or 55 percent of net sales, compared with $433.9 million, or 58 percent of net sales, in the previous fiscal year.
The decrease in gross margin percentage in the full year and Q4 was attributed to higher fixed costs and lower sales, the “unfavorable” impact of foreign currency exchange rates, and changes in channel and product mix.
For the full year, this was partially offset by reduced shipping costs.
Related stories will be right here …
“For the past year, we’ve been operating in a challenging retail environment in our largest markets, the United States and Europe,” CEO Efraim Grinberg said on an earnings call Tuesday morning.
“A continuation of post-COVID dynamics, a rebound in travel spending, multiyear inflationary pressures, and increasing geopolitical uncertainty are all affecting consumer demand for discretionary products.”
Grinberg noted that Movado’s holiday marketing initiatives and new product introductions in both watches and jewelry were “favorably received.”
In the fourth quarter ending Jan. 31, net sales fell 8 percent year-over-year (9 percent on a constant dollar basis) to $179.6 million.
Quarterly sales in the U.S. were down 12 percent year-over-year while international sales fell 3 percent.
Gross profit was $96.8 million, or 54 percent of net sales, compared with $109.3 million, or 56 percent of net sales in the previous fourth quarter.
For the full-year, net sales were down 11 percent year-over-year (12 percent on a constant dollar basis) to $672.6 million.
The company said sales declined across all channels—online, in its company-owned and -operated stores, and at its wholesale customers’ brick-and-mortar stores.
Full-year sales in the U.S. fell 13 percent year-over-year while international sales declined 9 percent.
Gross profit was $370.4 million, or 55 percent of net sales, compared with $433.9 million, or 58 percent of net sales, in the previous fiscal year.
The decrease in gross margin percentage in the full year and Q4 was attributed to higher fixed costs and lower sales, the “unfavorable” impact of foreign currency exchange rates, and changes in channel and product mix.
For the full year, this was partially offset by reduced shipping costs.
Grinberg shared updates about Movado’s various brands during the call.
The company’s brand portfolio includes its eponymous brand as well as in-house and licensed brands, like Coach and Tommy Hilfiger.
Its namesake brand has been undergoing a “refresh” since last fall, which Movado said has paid off, noting increased brand awareness across the market in key demographic targets.
It’s planning to debut a new advertising campaign for the brand in the third quarter of fiscal 2025 and into fiscal 2026.
The Movado brand recently launched a new “Bold Quest” timepiece, with a starting price point of $595. Inspired by a 1970s design, it features an integrated case-bracelet combination and a boldly colored dial.
It will also introduce a new chronograph to its “Movado Bold Horizon 2.0” collection this spring.
For Tommy Hilfiger, Movado will continue to expand the “TH 85” collection and bolster it via marketing support.
The brand also has announced that model Georgia May Jagger, daughter of rock legend Mick Jagger and model Jerry Hall, will front its advertising campaign for watches and jewelry.
The Hugo Boss brand introduced the “Candor” family over the holiday season, while its “Sky Travel” collection received a “strong” response from retailers, said Movado.
As for Hugo Boss’ jewelry offerings, the brand is capitalizing on the growing men’s jewelry category by introducing “bolder, iconic looks,” said Grinberg.
The Coach brand will focus on driving growth in the U.S. market this spring, giving support to its “Cary” and “Elliot” lines, while also growing its Amazon business, which launched late last year.
The company also aims to grow its Calvin Klein businesses, focusing on its “Elemental” jewelry collection and its “Glean” watch line.
“As part of our emphasis on expanding automatic watches for all of our brands, we will focus on driving the success of our CK iconic family with translucent skeleton dials that reveal intricate mechanical movements,” said Grinberg.
Its Lacoste brand has seen success in its “Boston” and “L12.12” collections while its recently introduced jewelry offerings have seen “a very strong response.”
The company has new introductions planned for the brand in the second half of the year.
MVMT has seen increased profitability while Olivia Burton has also seen an improved performance, particularly its “Grosvenor” line and its “Hexa” jewelry offerings.
Looking to the year ahead, Movado plans to invest an incremental $25 million in marketing initiatives, focusing on the Movado brand in the U.S. and its licensed brands in Europe via its retail partners.
“While this is expected to cause a moderation in profit in the short term, we believe this is the right move to support our brands and customers and, importantly, deliver accelerated and consistent growth within the future,” said Grinberg.
Movado expects fiscal 2025 net sales to be between $700 million and $710 million, with gross profit of approximately 55 percent of net sales, and operating income in the range of $32 million to $35 million.
For the first half of fiscal 2025, the company anticipates net sales will be relatively flat on a year-over-year basis, as it uses marketing spend to drive top-line growth.
More on Financials
The Latest
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
