Who Buys Movado Watches
MVMT makes simple watches for the millennial market in the vein of Fossil or Daniel Wellington. However, the company carved out a niche by advertising heavily on social media and being one of the first microbrands with a solid online presence.
who buys movado watches
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Since then, threats to the traditional watch have kept coming (think fitness trackers and smartwatches) as have more questions about whether watches would survive. Grinberg's answer remained the same. (As a sign of his steadfastness, he keeps on the wall of his office at Movado Group headquarters in Paramus, NJ, a 2007 New York Times article that declares "MOVADO CHIEF BELIEVES CELL PHONES WON'T REPLACE WATCHES.")
As with the other threats, Grinberg isn't buying this one, either. "Our research with millennials shows a high level of interest in traditional watches," Grinberg says. But he's not blasé about it. "Part of our mission is to continue to have young people interested in the design and beauty of traditional analog watches."
MVMT (pronounced "movement") is an American watch brand founded in Los Angeles in 2013 by 22-year-old Jake Kassan and 21-year-old Kramer LaPlante. Using a direct-to-consumer, digital-only strategy, Kassan and LaPlante made MVMT one of the hottest watches in the U.S., with sales of $71 million in 2017. MGI purchased MVMT in October with an initial payment of $100 million, plus two future contingent payments that could total another $100 million.
"You have to make something that they can afford," Grinberg says. The key is "getting them engaged in wearing watches as an accessory early on. You can do that with brands like MVMT and Olivia Burton, and in Movado with initiatives like BOLD," the Movado brand's collection of trendy, more affordable watches. "One day the ones who can afford it will move into better watches as well," he says.
The fashion-watch market, however, has been notoriously difficult over the past few years, particularly in the United States. Among the forces affecting fashion-watch sales have been the decline in traffic in department stores and malls; a surge in e-commerce; the rise of connected watches and wearables; and a saturated fashion-watch market. Movado's net sales took a hit in fiscal 2017, falling 7% to $553 million from $595 million the previous year. Sales rebounded in fiscal 2018, but the company reported a net loss of $15.2 million for the year.
Ironically, one bright spot in the fashion-watch market in recent years has been the millennial brands. "The success of Olivia Burton confirmed our belief in the continued potential of fashion watches in the millennial marketplace," Grinberg wrote to MGI shareholders earlier this year.
Their customers were millennials like themselves. "I think being young and being our demographic really helped," says Kassan, MVMT's CEO. "And because we were that demographic, we did a good job predicting what our demographic liked. Starting out, we didn't know if people were going to like our aesthetic or what the brand represented." Kassan describes the MVMT aesthetic as "minimalist." MVMT watches have spare, clean designs. "Minimalist is something we loved and our customers really liked."
Kassan and LaPlante also wanted a watch brand that was affordable, and even more importantly, cool. They were two buddies who liked watches, but, as they put it, "were broke." They wanted a fashionable, affordable watch but could not find one that appealed to them.
There were brands in other product categories "doing cool stuff and connecting to our millennial consumer," says LaPlante, MVMT's COO. Sneaker brands, for example. But no watch brands. "There wasn't a brand that we could resonate with and connect to. The [watch] brands that were out there were not innovating, were not new, were not cool." One source of the rap that millennials don't like watches, LaPlante thinks, is that watch brands were not reaching out to younger consumers.
They saw a watch gap in the millennial marketplace and set out to fill it. One goal was to offer what they call "radically fair prices." They priced MVMT watches, all quartz analogs containing Citizen Miyota movements, from $95 to $195.
They settled on MVMT as the brand name and focused on watches for men. Ladies' styles came later. "We wanted a brand that hit an emotion. And that emotion is this aspirational lifestyle," Kassan says. They came up with slogans to promote the brand, like, "Live life on your own terms" and "#letsjointhemovement". They conveyed brand values using dramatic images of guys wearing the watches in exotic settings. They were innovators in using evocative images, Hassan says. "If you go to Instagram or Facebook, you see lots of image-heavy, captivating things that you haven't seen before. That was always something we wanted to do."
What Kassan and LaPlante knew best was how to get their messages and their watches to their customers directly. "We know that our consumers are heavily engaged with the internet and social media. We do a very, very good job of connecting with them on those channels and those mediums," Kassan says.
Since the launch, Kassan and LaPlante have sold significantly more than 1 million watches on their e-commerce site. (They don't disclose exact unit sales.) And proved to their satisfaction, and Grinberg's delight, that millennials are not analog-watch-averse.
Kassan and LaPlante believe that interest in traditional watches is growing among millennials. "That's why we came out with a mechanical watch," Kassan says. "MVMT is that entry brand that got them into watches. I think people have aspirations for luxury watches at some point. I think in our demographic group that is certainly the case: people aspire to have higher-end watches at the end of the day."
There are many options, both locally and online to sell a Movado watch, such as on consignment; at a local pawn shop; in an advertisement or online with Craigslist or local newspaper ads; and on eBay or websites that buy and sell Movado watches, such as Crown and Caliber. When selling a Movado watch, it is advantageous to have its original box, paperwork or receipts and to know the approximate market value of the product based on the brand, type and condition of the watch.
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Apple (AAPL 1.98%) disrupted the watch industry when it launched the original Apple Watch in 2015. Apple turned watches into a consumer electronics accessory that substitutes for a phone in certain situations and has gone from not having a presence to becoming the number one watchmaker in the world in less than 5 years.
Four years after the launch of the Apple Watch, Apple is now the world's largest watchmaker. Although Apple doesn't disclose sales for its watch, it has been reported that Apple shipped 22.5 million watches in 2018. To put that number into perspective, Apple sold nearly as many watches last year as the entire Swiss watch industry.
Apple has taken market share away from traditional watch companies, but its impact has been mostly felt by mid-tier watchmakers. High-end luxury watchmakers that sell items priced in the thousands of dollars -- think Rolex or Patek Philippe -- have maintained their sales volume, while companies that sell watches for $500 or less have seen sales stagnate or decline. That makes sense, because people who buy watches for $3,000+ dollars are buying them more for fashion than function.
Mid-tier watchmakers have responded to the new competitive threat from Apple in different ways. Some watchmakers like Fossil (FOSL 5.65%) have embraced wearables and are competing directly with Apple. Other companies have resisted getting into smartwatches to focus on their core strength in traditional watchmaking.
Movado fits into the mid-tier watchmaker category. Roughly half of the company's revenue is tied to items in the $75 to $500 range. The other half of revenue is from watches priced in the $500 to $2,500 range, a category it refers to as "accessible Luxury." To address rising interest in the newly created "wearables" category, Movado released its own line of smartwatches that are focused more on fashion but still have great functionality. 041b061a72