Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Movado To Lay Off Employees Amid Restructuring
The layoffs are part of the watch company’s plan to cut costs amid economic hardships brought on by the COVID-19 pandemic.

Paramus, N.J.—Movado Group plans to lay off employees as part of its new restructuring plan, the company announced in a recent 8-K filing with the U.S. Securities and Exchange Commission.
The company declined to disclose the number of employees who will be affected.
CEO Efraim Grinberg said in a statement to National Jeweler: “The moves that we have taken, although painful, will enable the company to be better positioned for the future.”
Affected U.S. employees will receive severance packages, outplacement assistance and extended benefit coverage.
The COVID-19 pandemic “caused unprecedented economic and social hardships,” Grinberg said, adding that “these circumstances have led us to reorganize and streamline our teams in order to sustain and secure long-term growth for the business.”
Back in June, Movado announced organizational changes intended to streamline the company and accelerate its digital initiatives.
Behzad Soltani, the current president of direct-to-consumer and chief digital officer, was promoted to executive vice president, commercial president, and chief technology officer.
Current Chief Financial Officer Sallie DeMarsilis was promoted to executive vice president and chief operating officer while maintaining her role as CFO.
Grinberg said the new management structure will help unify the company’s distribution channels.
The aim of its overall restructuring is to reduce operating expenses and adjust cash flows, Movado said in the 8-K filing.
The plan is expected to cost between $9 million to $12 million in total with the majority of the money, between $8.5 million and $11 million, going toward employee severance and benefits costs and stock-based compensation charges, as per the filing.
Between $500,000 to $1 million will go to “consolidating facilities,” though a Movado spokesperson said the company has closed its locations only temporarily.
The watch company began reopening stores last month and said during a recent earnings call it expected to have 41 of 47 North American locations open by mid-June.
The majority of the restructuring plan is expected to be implemented in the second quarter of the company’s fiscal year, though Movado noted cash severance will be paid out over time so charges will continue into the next fiscal year.
Movado, like so many other companies, is struggling amid the COVID-19 pandemic, temporarily shuttering its stores and furloughing 80 percent of its North American workforce, approximately 850 employees.
Net sales in its recent first quarter fell 53 percent to $69.7 million, compared with $146.5 million a year ago.
Grinberg highlighted the “accelerated shift in the overall business” to digital and e-commerce.
“Although e-commerce sales
Looking to the year ahead, DeMarsilis said the company won’t be providing fiscal guidance but it does expect its second quarter to be “significantly impacted by the crisis” with the top line “expected to remain below last year.”
The company also recently borrowed an additional $30 million under its credit agreement to bolster its financial flexibility.
The Latest

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

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

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.


While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

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

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

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

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

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

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

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

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

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

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

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

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

Sponsored by The INSTORE Jewelry Show 2025

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

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