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
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
SourcingFeb 03, 2026
Nivoda Reveals Upgraded Gemstone MarketplaceThe company also announced a new partnership with GemGuide and the pending launch of an education-focused membership program.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
CrimeFeb 02, 2026
Ylang 23’s Dallas Store BurglarizedThe Texas jeweler said its team is “incredibly resilient” and thanked its community for showing support.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
