Founded by two 20-year-olds in Los Angeles in 2013, Mvmt Watches closed 2017 with a turnover of 71 million dollars (62.6 million euros).
The American luxury watch company has reached an agreement to buy the start up Mvmt Watches for one hundred million dollars (88.2 million euros). The operation is scheduled to close next October. Mvmt Watches, which closed 2017 with a turnover of 71 million dollars (62.6 million euros), was founded in 2013 by two twenty-year-olds, Jacob Kassan and Kramer LaPlante. The company started its activity selling only watches, but since 2017 it also markets other accessories and sunglasses. With headquarters in Los Angeles and a staff of forty workers, Mvmt Watches distributes through its online platform, as well as in large American stores, such as Nordstrom or Bloomingdale.
Movado, in addition to having its own watch brand, has the production and distribution license for watches from other brands, such as Coach, Hugo Boss, Lacoste, Tommy Hilfiguer or Ferrari, among others. Based in New York, Movado has forged its portfolio based on acquisitions and obtaining licenses. The company, which is listed on the New York stock exchange, went into losses in the last financial year, going from a net profit of 35.1 million dollars (30.9 million euros) in 2017 to red numbers of 15.2 million dollars (13.4 million euros) in 2018.