CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
MajorsNov 22, 2017
Movado Group’s Q3 Sales Up 6%
They increased to $190.7 million, with a challenging U.S. market offset by strong global performances.
Though the Movado brand saw sales decline in the U.S., Movado Group said it continues to gain market share. Seen here is the Movado Connected, the brand’s new smartwatch powered by Android Wear 2.0.
Paramus, N.J.--Movado Group said net sales were up in the company’s third quarter ended Oct. 31 despite continued struggles in the U.S.
The company said sales increased 6 percent to $190.7 million during the period, compared with $179.8 million in the third quarter last year. On a constant dollar basis, net sales were up 5 percent.
Operating income was $25.2 million, compared to $31.1 million in the same period last year, while operating expenses increased $11.4 million to $78.9 million.
Gross profit was $104.1 million, or 54.6 percent of sales, compared to $98.6 million, or 54.8 percent of sales, in the third quarter of the last fiscal year.
CEO Efraim Grinberg said that despite a challenging U.S. market, international sales growth led its performance, noting particular strength in Europe, Latin America, China and the Middle East.
The Movado brand saw a low double digit sales decline in the U.S., though Grinberg noted in a conference call Tuesday morning that the brand continued to gain market share in the $300 to $3,000 price category. Sales from Movado.com doubled during the quarter after an increase in digital marketing and new product introductions.
For the quarter, licensed brands grew 9 percent, with strong growth for Tommy Hilfiger, Hugo Boss and Lacoste, driven in international markets. The U.S. faces challenged in the fashion watch category, the company said.
The acquisition of the Olivia Burton brand was completed in July. The company has launched a U.S.-based website for the brand, which it said is already seeing very strong results. It now will convert the U.K. site into the salesforce platform on which the U.S. site is hosted and will launch a global website for the brand.
Meanwhile, the company also noted strong results in its outlet division, which saw comps increase 11 percent during the quarter.
Movado Group continues to make investments in the digital space, which it said has helped elevate its brands with retailers and consumers.
This factor, along with the changing retail landscape and the growing importance of online channels, has led Movado to decide to pull out of Baselworld for next year.
RELATED CONTENT: Baselworld Cuts Number of Exhibitors by HalfThe company plans to reinvest the approximate $10 million trade show costs it will save in other marketing activities, including digital brand-building and sales growth initiatives.
Movado Group is updating its outlook for fiscal 2018
upward; it now expects net sales to be in a range of $550 million to $555 million, up from an anticipated $530 to $545 million announced in the second quarter fiscal results, and operating income to be approximately $58 million to $60 million, up from a prediction of $53 to $58 million.
The company anticipates net income in fiscal 2018 to be between approximately $39.7 million and $41 million.
The company anticipates net income in fiscal 2018 to be between approximately $39.7 million and $41 million.
More on Majors
The Latest
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
