SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
FinancialsJun 10, 2020
Movado Sales Down 53% in Q1
The watch company has reopened 14 stores in North America, which are performing better than expected, said CEO Efraim Grinberg.
A set of Movado Connect 2.0 watches. The watch company posted a double-digit drop in sales amid the coronavirus pandemic.
Paramus, N.J.—Movado Group reported a double-digit decline in first quarter sales as the coronavirus pandemic closed its stores and hurt comps across both owned and licensed brands.
CEO Efraim Grinberg opened Tuesday morning’s earnings call by addressing the “senseless deaths” of George Floyd, Ahmaud Arbery, and Breonna Taylor.
Grinberg said the company has been “having the difficult discussions [with associates] surrounding race, diversity, inclusion, and the biases that exist within all of us” and recognizes it needs to do better.
Looking at its financial results, Grinberg said the year was progressing according to plan in February and early March, but by mid-March, the coronavirus pandemic forced the closure of most of its operations and retail stores.
In April, the company temporarily furloughed 80 percent of its North American workforce, approximately 850 employees, and temporarily reduced the work rate of its international employees.
Net sales in the first quarter fell 53 percent to $69.7 million, compared with $146.5 million a year ago.
Sales declined across all segments, including owned brands, licensed brands, and company stores, said CFO Sallie DeMarsilis on the call, adding sales were down in the U.S. and internationally.
Grinberg said he was encouraged by the strength of its online business, pointing to Movado and Olivia Burton as brands performing especially well in key markets while MVMT also saw improvement.
“Although ecommerce sales were strong, they were not nearly enough to offset the declines in our wholesale and company stores businesses,” said DeMarsilis.
China, which saw strong e-commerce sales as well, has begun to reopen its stores.
In North America, 14 out of 47 locations have reopened with 41 expected to be open by June 17.
The 14 stores currently open have performed better than expected, said Grinberg, adding that sales at these stores were down 11 percent compared with the same period last year.
“I actually think that this pandemic has kind of, to a certain extent, really fortified the need for a certain amount of brick and mortar centers, and especially outdoor ones, so we’re seeing that consumers like to shop and they’re coming to our stores and shopping at a pretty high level,” said Grinberg.
While traffic is down about 40 percent at those stores, he said, there are higher conversion rates and higher average transactions.
Looking to the year ahead, DeMarsilis said the company would not be providing specific fiscal guidance, but expects its second quarter to be “significantly impacted by the crisis.”
“Although
we expect trends will improve in the second half of the year, our top line is expected to remain below last year,” she said.
The company also borrowed an additional $30 million under its credit agreement to bolster its financial flexibility, she said.
Movado has slowed the inflow of inventory into its warehouses and reduced its capital expenditures with the exception of projects with short-term return on investments, including select digital initiatives.
The company’s quarterly dividend has been discontinued and its share repurchase program has been suspended until further notice.
Movado also announced organizational changes Tuesday, effective immediately, in an effort to streamline the company and accelerate its digital initiatives.
Behzad Soltani, the current president of direct to consumer and chief digital officer, has been promoted to executive vice president, commercial president, and chief technology officer.
Soltani will oversee the company’s global wholesale business, company stores, e-commerce, and digital center.
Current CFO DeMarsilis has been promoted to executive vice president and chief operating officer, while still maintaining her role as CFO.
DeMarsilis will be responsible for finance and accounting, value chain, distribution, and business controls.
Grinberg said the new management structure will help unify the company’s distribution channels.
The company also borrowed an additional $30 million under its credit agreement to bolster its financial flexibility, she said.
Movado has slowed the inflow of inventory into its warehouses and reduced its capital expenditures with the exception of projects with short-term return on investments, including select digital initiatives.
The company’s quarterly dividend has been discontinued and its share repurchase program has been suspended until further notice.
Movado also announced organizational changes Tuesday, effective immediately, in an effort to streamline the company and accelerate its digital initiatives.
Behzad Soltani, the current president of direct to consumer and chief digital officer, has been promoted to executive vice president, commercial president, and chief technology officer.
Soltani will oversee the company’s global wholesale business, company stores, e-commerce, and digital center.
Current CFO DeMarsilis has been promoted to executive vice president and chief operating officer, while still maintaining her role as CFO.
DeMarsilis will be responsible for finance and accounting, value chain, distribution, and business controls.
Grinberg said the new management structure will help unify the company’s distribution channels.
More on Financials
The Latest
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
