Movado

Movado Group, Inc.
Public
Traded as
Founded 1881 (1881), in La Chaux-de-Fonds, Switzerland
Founder
Headquarters Paramus, New Jersey, United States
Key people
  • Efraim Grinberg
  • (Chairman & CEO)
  • Sallie A. DeMarsilis
  • (Senior VP & CFO)
Products Watches
Revenue
  • Increase US$ 567.95 million
  • (FY JAN 31 2018)
  • Decrease US$ 43.20 million
  • (FY JAN 31 2018)
  • Decrease US$ -15.23 million
  • (FY JAN 31 2018)
Total assets
  • Increase US$ 645.38 million
  • (FY JAN 31 2018)
Total equity
  • Decrease US$ 470.34 million
  • (FY JAN 31 2018)
Number of employees
  • 1,000
  • (FY JAN 31 2018)
Website MovadoGroup.com
Footnotes / references
[1]

Movado is a Swiss watchmaker best known for its Museum Watch. Designed in 1947 by Bauhaus-influenced artist Nathan George Horwitt, the watch dial has a very simple design defined by a solitary dot at 12, symbolizing the sun at high noon. It was first made by Vacheron & Constantin-Le Coultre Watches, Inc., and later produced by Movado.[2] Horwitt's dial was selected for the permanent design collection of the Museum of Modern Art, New York, in 1960, the first watch dial awarded this distinction.[3] The single dot dial now appears in many of Movado's timepieces.

History

Movado was founded as LAI Ditescheim & Freres SA in 1881 in La Chaux-de-Fonds, Switzerland, by Léopold Achille Isidore Ditesheim. In 1983, the company was purchased by Gedalio Grinberg, a Cuban-born Jew, who fled Fidel Castro's Marxist Revolution in 1960 with his family.

His son, Efraim Grinberg, is the Chairman and Chief Executive Officer of Movado Group, Inc. The North American President of Movado is Alan Chinich. In 2006, Movado celebrated its 125th year of watchmaking.

On February 23, 1999, Movado Group, Inc. completed the sale of Piaget business to VLG North America, Inc., for approximately $30 million.[4] In August 2018, Movado acquired the watch startup MVMT, which was founded in 2013, for $ 100 million.

Watches

Movado Delphino Series, two-tone black dial-face
Original "Museum" Watch, designed by Nathan George Horwitt, ca. 1955. Brooklyn Museum

The company markets the Museum Watch, designed by the American designer Nathan George Horwitt in 1947. It was first manufactured by Vacheron & Constantin-Le Coultre Watches, Inc., Switzerland. Movado started producing an unauthorized version starting in 1948, copying Horwitt's design. It was added to the permanent collection of the Museum of Modern Art in 1960. Movado finally settled with Horwitt in 1975 with a payment of $29,000 ($128,000 in 2015 dollars). Following Horwitt's death, Movado started heavy promotion of Horwitt and the design of the Museum Watch.[2][5][6] Photographer Edward Steichen called Horwitt's design "the only truly original and beautiful one for such an object".

Some Movado watch models have Esperanto names such as Bela ("beautiful"), Belamodo ("beautiful fashion"), Fiero ("pride"), Brila ("brilliant"), Linio ("line"), and Verto[7] ("head top"). The company's name means "movement" in that language.

In November 2015, Movado announced the release of the Movado Motion collection of fine Swiss-made watches, powered by the Manufacture Modules Technologies (MMT) MotionX technology platform. The collection includes the women’s Bellina and the men’s Museum Sport models.[8]

Movado Museum Sport Motion Smartwatch powered by MotionX

Brands

Movado Group's brands, including licensed brands, are Movado, Concord, EBEL, Olivia Burton, Coach, Hugo Boss, Lacoste, Tommy Hilfiger, Scuderia Ferrari, MVMT, Rebecca Minkoff, and Uri Minkoff (current as of August 2018). Former brands include ESQ Movado (formerly ESQ Swiss) and Juicy Couture.

Sculpture

Movado commissioned Time Sculpture by architect Philip Johnson. The bronze sculpture with granite base, located outside Lincoln Center in New York City, was dedicated May 19, 1999.[9]

References

  1. ↑ "US SEC: Form 10-K Movado Group, Inc". U.S. Securities and Exchange Commission. Retrieved April 7, 2018.
  2. 1 2 The Museum Watch: 1958, Industrial Designers Society of America. Accessed January 8, 2009.
  3. ↑ Movado. "Movado | Heritage". Retrieved 10 October 2015.
  4. ↑ "Movado Group, Inc. Completes Sale of Movado's Piaget Business to VLG North America, Inc".
  5. ↑ Cook, Joan. "Nathan Horwitt, 92; His Designs Included The Movado Watch ", The New York Times, June 20, 1990. Accessed January 8, 2009.
  6. ↑ "Wristwatch Face: Nathan George Horwitt (American, 1898-1990)", Museum of Modern Art. Accessed January 8, 2009.
  7. ↑ http://www.movado.com/
  8. ↑ Kristina Rodulfo (November 16, 2015). "Movado Debuts a Smartwatch that Actually Looks Like a Watch". Elle.
  9. ↑ "Dante Park: Time Sculpture at Lincoln Center". nycgovparks.org. Retrieved August 10, 2016.
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