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Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury Watches
During its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
A set of Movado Connect 2.0 watches. Movado Group reported sales were up 3 percent in its third quarter.
Paramus, N.J.—Movado Group’s sales rose in its third quarter with the company noting improving trends in the fashion and accessible luxury watch categories.
“We capitalized on the accelerating interest in the fashion watch category among younger consumers, delivering innovative watch and jewelry assortments that were strongly received across our iconic brands, especially in Europe and the United States,” said CEO Efraim Grinberg on an earnings call Tuesday morning.
Grinberg said in a statement that he was happy with the company’s results, especially considering it has had to absorb tariff-related cost increases.
Those costs may soon be significantly reduced following the deal made between the U.S. and Switzerland to reduce the tariffs on Swiss-made watches to 15 percent from the 39 percent rate that has been in place since Aug. 1.
The retailer announced in April that it would raise prices on select timepieces to offset the impact of tariffs.
“This positive development will allow us to plan effectively for next year and reduce the level of price-based mitigation, benefiting both American consumers and the company,” said Grinberg.
On the call, Grinberg discussed the impact of tariffs, its marketing plans for the holiday season, and how its brands are performing.
In the third quarter ending Oct. 31, Movado’s net sales rose 3 percent year-over-year (1 percent on a constant dollar basis) to $186.1 million.
Movado attributed the rise to an increase in sales at its licensed brands and sales at its owned stores, though it was partially offset by a decrease in sales at its owned brands.
Grinberg said the company is optimistic about improving trends in the fashion and accessible luxury watch categories, driven by product innovation, like new shapes and sizes, as well as a growing interest from women and younger shoppers.
He also noted “strong momentum” in fashion jewelry, particularly as more men opt to wear jewelry.
The company’s brand portfolio includes Movado, Ebel, and Concord, as well as licensed brands like Coach and Tommy Hilfiger.
For the first nine months of the year, net sales were up 2 percent (1 percent on a constant dollar basis) to $479.7 million, which it attributed in part to an increase in sales at its licensed brands.
Third-quarter net sales in the U.S. were up 7 percent year-over-year, led by its fashion brands and its direct-to-consumer business.
International sales were up less than 1 percent in the quarter (down 3 percent on a constant dollar basis).
Year-to-date U.S. sales were up 2 percent while international sales were up 2 percent in the quarter (flat on a constant dollar basis).
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“We capitalized on the accelerating interest in the fashion watch category among younger consumers, delivering innovative watch and jewelry assortments that were strongly received across our iconic brands, especially in Europe and the United States,” said CEO Efraim Grinberg on an earnings call Tuesday morning.
Grinberg said in a statement that he was happy with the company’s results, especially considering it has had to absorb tariff-related cost increases.
Those costs may soon be significantly reduced following the deal made between the U.S. and Switzerland to reduce the tariffs on Swiss-made watches to 15 percent from the 39 percent rate that has been in place since Aug. 1.
The retailer announced in April that it would raise prices on select timepieces to offset the impact of tariffs.
“This positive development will allow us to plan effectively for next year and reduce the level of price-based mitigation, benefiting both American consumers and the company,” said Grinberg.
On the call, Grinberg discussed the impact of tariffs, its marketing plans for the holiday season, and how its brands are performing.
In the third quarter ending Oct. 31, Movado’s net sales rose 3 percent year-over-year (1 percent on a constant dollar basis) to $186.1 million.
Movado attributed the rise to an increase in sales at its licensed brands and sales at its owned stores, though it was partially offset by a decrease in sales at its owned brands.
Grinberg said the company is optimistic about improving trends in the fashion and accessible luxury watch categories, driven by product innovation, like new shapes and sizes, as well as a growing interest from women and younger shoppers.
He also noted “strong momentum” in fashion jewelry, particularly as more men opt to wear jewelry.
The company’s brand portfolio includes Movado, Ebel, and Concord, as well as licensed brands like Coach and Tommy Hilfiger.
For the first nine months of the year, net sales were up 2 percent (1 percent on a constant dollar basis) to $479.7 million, which it attributed in part to an increase in sales at its licensed brands.
Third-quarter net sales in the U.S. were up 7 percent year-over-year, led by its fashion brands and its direct-to-consumer business.
International sales were up less than 1 percent in the quarter (down 3 percent on a constant dollar basis).
Year-to-date U.S. sales were up 2 percent while international sales were up 2 percent in the quarter (flat on a constant dollar basis).
Its namesake Movado brand is continuing with its refresh, revamping its in-store displays and visuals.
The Movado holiday campaign will feature its top collections, worn by its celebrity ambassadors, including Jessica Alba and Julianne Moore.
“Our holiday campaign is designed to deepen engagement between our products, ambassadors, and consumers while driving performance at the point of sale through enhanced displays, training, and retail partner support to ensure an elevated in-store experience,” said Grinberg.
Its “Museum” collection, particularly the bangles, have done especially well, said Grinberg, with a new style set with lab-grown diamonds available for the holiday season.
Overall, sales in Movado company stores were up 9 percent year-over-year with Movado brand sales up 18 percent.
Its licensed brands saw 6 percent sales growth (3 percent on a constant currency basis).
Its Gen Z shoppers have been drawn to its Coach brand, said Grinberg, which has seen double-digit growth, driven by its “Sammy” collection.
Hugo Boss also performed well, led by its “Sky Traveler,” “Grand Prix,” and “Principle” tank watches.
Grinberg added he’s excited about the potential in Hugo Boss’ jewelry for men.
The Tommy Hilfiger brand saw success with its “Oxford” watches, as well as its “Mia” collection for women, which it said has sold out in several markets.
Lacoste’s jewelry has also done well with its “Metropole” bracelet continuing to be a best-seller.
As for Calvin Klein, Grinberg said it’s “building leadership in women's watches, complemented by a strong jewelry offering.”
Olivia Burton posted growth in the U.S. and the U.K., led by the “Mini Grove” collection and bolstered by its “Mini to the Max” campaign.
“We're also encouraged by the renewed interest among younger consumers embracing analog watches for their design, innovation, quality, and value,” said Grinberg.
Looking at other financial metrics, gross profit in Q3 was $101.1 million, or 54 percent of net sales, compared with $96.6 million, or 54 percent of net sales, in the previous third quarter.
In the first nine months, gross profit was $260 million, or 54 percent of net sales, compared with $254.8 million, or 54 percent of net sales, in the same period last year.
The increases in gross margin percentage were primarily due to favorable changes in channel and product mix, which were partially offset by increased U.S. tariffs as well as the negative impact of fluctuations in foreign exchange rates.
As for the year ahead, Movado declined to provide financial guidance due to “the current economic uncertainty and the unpredictable impact of tariff developments” on its business.
“We're looking forward to a strong holiday season and to building on this momentum as we plan for the next year,’ said Grinberg.
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