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
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
