The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
Movado Group Sees Flat Q2 Sales
The company said fashion watches and licensed brands were down in the United States.

Paramus, N.J.--Movado Group said net sales were almost flat in the second quarter and down in the first-half of the year in its latest earnings report released Tuesday.
In the second quarter, sales were $128.8 million compared to $128.1 the year prior, an increase of less than 1 percent.
Gross profit was $66.1 million, or 51 percent of sales, compared to $70.3 million, or 55 percent of sales, in the second quarter last year, while operating expenses decreased 4 percent to $57.8 million and operating income was down from $10.1 million in the year-earlier period to $8.3 million.
CEO Efraim Grinberg said the U.S. retail environment was challenging for the company during the period, but noted it was offset by particularly strong growth in net sales in Latin America, Europe and Asia.
During a conference call Tuesday morning, Grinberg said that the U.S. presented a challenge for fashion watches especially. Licensed brands also were down in the region, posting a 26 percent decrease in the U.S.
Movado company stores, however, grew 5 percent overall, and the wholesale business was up 8 percent.
Grinberg added that the launch of its Movado Connect smartwatch was “very well received” by retail partners and will be available in stores beginning Sept. 1.
During the first quarter, Movado focused on streamlining operations to reduce costs and operate more efficiently and faster, Grinberg said, continuing a move it started near the end of the last fiscal year. It also continued to focus on growing its digital footprint, particularly through social media platforms.
Overall, in the first six months of fiscal 2018, net sales were down 6 percent to $228 million.
Operating income in the first half was $4.7 million, compared with $15.5 million in the first-half last year, and gross profit was 51 percent of sales at $115.3 million, compared with $131.6 million, or 54 percent of sales, in the prior year.
The company said that it is updating its outlook for the full fiscal year 2018 to reflect the acquisition of the Olivia Burton brand.
Movado said that since the brand is performing “in line with (its) expectations” and they are seeing “initial success with the integration as the brand continues to resonate with its core millennial customer,” it now anticipates that net sales will be in the range of $530 to $545 million and operating income will be approximately $53 to $58 million in the
In addition to growing Olivia Burton globally, the company also will focus on expanding other new business initiatives, including Rebecca Minkoff and Movado Connect watches, and increasing its direct-to-consumer business.
Later this year, they also will extend the Movado Heritage line with several new models and new retail partners, Grinberg said.
The Latest

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.


Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker started at Williams Jewelers when she was 18 years old.

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

The winning designs captured the “Radiance” theme.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.