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Movado Plans to Tap Millennials’ Emotions, Wallets With Mvmt Expansion

Movado chief executive officer and chairman Efraim Grinberg is on a quest to sell product that “connects to people’s hearts and not their phones.”
With this in mind, he has spearheaded the Movado Group’s acquisition of two Millennial-geared watch companies within the last two years. Women’s watch brand Olivia Burton was purchased in July 2017, followed by Mvmt, acquired in a $100-plus million deal revealed in August.
On Tuesday, Mvmt founders Jake Kassan and Kramer LaPlante — visiting New York from their Los Angeles headquarters — sat down and talk with Grinberg to review the strategies that have contributed to their success.
Established in 2013, Mvmt has resonated with the social media generation — counting some 4.5 million followers across its digital channels. That audience has propelled Mvmt to selling close to two million watches since the company’s founding. Last year, the company clocked $71 million in sales. The brand, which also offers a limited range of jewelry and sunglasses, prices the majority of its watches at less than $200.
Grinberg considers Mvmt’s social media savvy a best practice model for today’s retail and media landscape. “We have always sold product that has an emotional connection with the consumer. Great brands have emotional connections.

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Via:: https://wwd.com/accessories-news/watches/movado-to-tap-millennial-emotions-wallets-with-mvmt-expansion-1202891294/