Swiss group Movado to buy MVMT Watches for $100m

Who knew a business based on low quality products from aliexpress could be worth so mcuh.

Swiss watch manufacturer Movado Group has signed a definitive agreement to acquire MVMT Watches, the owner of global lifestyle brand MVMT, for an initial payment of approximately $100m.

Of the total value of the transaction, around $85m net of tax benefits is expected to be generated from the acquisition and two future contingent payments.

Established in 2013, MVMT offers watches, sunglasses and other accessories through its direct-to-consumer business model across more than 160 countries globally.

The company’s products are marketed through its global e-commerce platform as well as at select retailers such as Nordstrom and Bloomingdales in the US.

The addition of the millennial watch brand to its network will allow Movado to accelerate its digital strategy, as well as offer a global growth opportunity to its portfolio.

It will also expand Movado’s exposure to aspirational and millennial consumers through MVMT’s watches, sunglasses and accessories.

Movado Group chairman and chief executive officer Efraim Grinberg said: “Today’s announcement marks an important milestone for Movado Group.

www.retail-insight-network.com/news/swiss-group-movado-buy-mvmt-watches-100m/

READ  Swiss billionaire reportedly helped Democrats win 2020
READ  Swiss Billionaire Pumps $208 Million Into Left-Wing Groups That Help Democrats Win Elections

 

AC

576 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.