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
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
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.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
SourcingFeb 25, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
EditorsFeb 25, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
IndependentsFeb 24, 2026
Sherry Smith Now Principal Partner at The Retail SmithsThe industry veteran, who was with The Edge Retail Academy for 14 years, joins her husband at the company he founded in 2022.
IndependentsFeb 24, 2026
Yafa Signed Jewels to Open Store in MiamiThe vintage signed jewelry retailer chose Miami due to growing client demand in the city and the greater Latin American region.
WatchesFeb 24, 2026
Chrono24 Names New VP, U.S. General ManagerFormer Flight Club executive Jin Lee will bring his experience from the sneaker world to the pre-owned watch marketplace.
SourcingFeb 23, 2026
Designer Eddie Sakamoto, a Humble Artist, Dies at 72Sakamoto, who died in mid-January following a sudden illness, is remembered for his humility and his masterful, architectural designs.
Events & AwardsFeb 23, 2026
NYCJAOS Announces Four-Day Spring ShowThe April event will feature a new VIP shopping day requiring a special ticket.
TrendsFeb 23, 2026
Dua Lipa Is Bulgari’s New AmbassadorBulgari chose the British-Albanian singer-songwriter for her powerful and enduring voice in contemporary culture, the jeweler said.
Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
