Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
WatchesAug 16, 2018
Movado Buys Millennial-Targeted Brand for $100M
MVMT Watches was started in 2013 by two 20-somethings and has grown into a $70 million a year business.
A group of men’s watches from MVMT, the Los Angeles-based brand just acquired by Movado Group. (Photo credit: @laya.gerlock)
Paramus, N.J.—Movado Group Inc. is set to acquire MVMT Watches Inc., a millennial-targeted watch and accessories company launched five years ago by two 20-somethings who dropped out of college to start a business.
Under the terms of the deal announced Wednesday, Movado will pay $100 million for the company initially, or approximately $85 million after taxes, and will make two future contingent payments that, combined, could total another $100 million. The exact amount of the second payment is contingent on MVMT’s financial performance under Movado’s ownership, with no minimum future payment required.
Movado said it is funding the acquisition through cash and borrowings under its revolving credit facility.
Southern California natives Jacob Kassan, now 27, and Kramer LaPlante, 26, started MVMT in Los Angeles in 2013 after initially raising $300,000 through two crowdfunding campaigns on Indiegogo.
The brand started by selling just watches before adding sunglasses and other accessories last year.
Although a few retailers in the United States like Nordstrom and Bloomingdales carry MVMT, the pair built their business primarily by selling online and targeting millennial consumers, with products that are “designed for the millennial consumer with the goal of changing the way the customer thinks about fashion by delivering high-quality watches and accessories at an affordable price,” Movado said in its announcement about the acquisition.
MVMT has a “world-class digital strategy,” Movado said, as well as high brand awareness on social media, with more than 4.5 million followers across its platforms.
The company’s revenue for its most recent fiscal year ended Dec. 31, 2017 totaled about $71 million, and their success at such a young age has landed Kassan and LaPlante features in numerous publications, including a spot on Forbes “30 Under 30” list.
The acquisition of MVMT gives Movado Group a “category-leading” millennial brand with exposure to younger consumers, a track record of sales growth and a strong digital presence, an area where Movado Group is investing and looking to grow.
For MVMT, being bought by Movado allows it benefit from the company’s global infrastructure and distribution network.
MVMT is the second millennial-targeted brand Movado has purchased. Last year, the Paramus, New Jersey-based watch company bought Olivia Burton, a U.K.-based watch and fashion jewelry brand.
“Today’s announcement marks an important milestone for Movado Group,” Chairman and CEO Efraim Grinberg said. “The acquisition of MVMT
will provide us greater access to millennials and advances our Digital Center of Excellence initiative with the addition of a powerful brand managed by a team of highly creative, passionate and talented individuals … We believe significant growth opportunity lies ahead for MVMT through category, channel and geographic expansion by leveraging our scale and infrastructure. I am looking forward to welcoming Jake and Kramer, along with their 40 employees, to our company.”
The transaction is subject to customary closing conditions and is expected to close on or about Oct. 1.
The transaction is subject to customary closing conditions and is expected to close on or about Oct. 1.
More on Watches
The Latest
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
FinancialsApr 15, 2025
LVMH’s Q1 Sales Slip 2 PercentLVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
