Financials

Movado’s Full-Year Sales Sink 28%

FinancialsMar 26, 2021

Movado’s Full-Year Sales Sink 28%

The watchmaker remains hopeful ahead of the launch of its Calvin Klein line in 2022.

033121_Movado new.jpg
A set of Movado Connect 2.0 watches. The company’s net sales were down in both the fourth quarter and for the full year.
Paramus, N.J.—Movado Group saw sales sink by double digits in fiscal 2021, but the watchmaker has high hopes for the fiscal year ahead as it prepares for the launch of its Calvin Klein line.

Net sales in the fourth quarter were down 7 percent to $178.3 million compared with $191.0 million in the previous year’s fourth quarter.

Gross profit totaled $100.8 million, or 57 percent of net sales, compared with $100.6 million, or 53 percent of net sales, in the same period last year.

Though the COVID-19 situation in the United States is improving, store closures across Europe and in Latin America, particularly in Brazil and Mexico, are a challenge for the company, noted CEO Efraim Grinberg during an earnings call Thursday morning.

As with many retailers, a strong e-commerce performance has carried the company through rough waters.

“Notably, powerful innovation across our brands and actions to accelerate our digital center of excellence fueled strong results for our company-owned and third party e-commerce sites, including robust second-half sales growth at Movado.com,” said Grinberg in a press release announcing the results.

Movado’s e-commerce business more than doubled in the fourth quarter, up 110 percent, which Grinberg attributed to the launch of the Movado SE collection, the growth of its jewelry offerings, and continued demand for Movado Bold watches.

As for its wholesale channels, Movado saw growth in e-commerce and improvement in the overall brick- and-mortar performance.


For the full year, Movado’s net sales were down 28 percent to $506.4 million compared with net sales of $701.0 million in fiscal 2020.

Full-year gross profit was $270.5 million, or 53 percent of net sales, compared with gross profit of $374.9 million, or 54 percent of net sales, in the prior year.

Grinberg said the company’s watch and jewelry offerings are seeing “favorable momentum” and noted the company has plans to capitalize on several growth opportunities this fiscal year.

Movado plans to launch its Calvin Klein watches and jewelry line in January 2022.

The company inked a five-year licensing agreement with Calvin Klein in August 2020 to create a new line of watches and jewelry.

Calvin Klein was looking for a new partnership after ending its 22-year licensing deal with Swatch Group. Movado proved a good fit, as it already partners with owner PVH Corp. to license the Tommy Hilfiger brand.

This spring, Movado will continue the rollout of its SE collection, bolstered by television ads in May and June in time for Mother’s Day, Father’s Day, and graduation season.

Movado noted its jewelry collection performed well in the days leading up to Valentine’s Day.

 Related stories will be right here … 

Its licensed brands, including Coach and Tommy Hilfiger, put on a solid performance, said Grinberg, with sales down less than 2 percent in the fourth quarter.

For the Tommy Hilfiger brand, its Mason for Him and Liberty for Her watches were especially popular while its jewelry collection did well online.

Television ads in France and Germany, two of its biggest markets, bolstered the Hugo Boss brand in Europe. The company has a Hugo Boss jewelry collection in the works.

Lacoste’s iconic collections were top performers and the brand is collaborating on a new collection with Polaroid.

Coach’s new offerings have been well-received, said Movado, while its MVMT brand trimmed down its offerings to improve profitability.

Olivia Burton’s brick-and-mortar sales suffered in its home market of the United Kingdom amid store closings, but its net online sales were up 20 percent in the fourth quarter.

Looking to the year ahead, Movado said it would not provide fiscal 2022 guidance, noting the “dynamic nature of the COVID-19 crisis.”

However, the company said it expects to see first-quarter net sales in the range of $110-$115 million, compared with net sales of $69.7 million in the previous first quarter.

Its board of directors also approved a $25 million share buyback program.

Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Cover of the book “Flawless: Inside the Largest Diamond Heist in History”
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Weekly QuizJul 17, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

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

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

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

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Rio Tinto Chief Executive Simon Trott
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at Diavik

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

Jewelers of America Learning Workship Logo
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This Fall

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

Eric Ford will step into the role, bringing with him decades of experience.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy