Swiss watchmaker Movado Mofanto has announced that it has struck a deal with MVMT, the favorite watchmaker of the millennial generation, for a sum of $200 million and is expected to complete the handover on October 1. Movado ranked 60th in Deloitte’s 2008 Luxury Global Power Report in May, with annual sales of $553 million.
Founded in 2013 by Jake Kassan and Kramer LaPlante, the MVMT has sunglasses and accessories in addition to watches, and sells for about $200. It is now sold in more than 160 countries worldwide with annual sales of $71 million. Thanks to its simple and stylish product design, MVMT is popular with young consumers and currently has about 4.5 million fans on social media.
Efraim Grinberg, Movado’s chief executive and chairman, said in an interview that although the MVMT brand is only five years old, it has great potential in the global market. The acquisition will not only improve the necessary infrastructure for the brand, but also provide strategic guidance for the brand team.