MVMT Watches

MVMT Watches Inc.[1] (or simply MVMT) is a Los Angeles-based watch company that sells quartz watches,[2] as well as sunglasses and accessories.[1] The company was founded in June 2013 and was acquired by Movado in August 2018.

MVMT Watches Inc.
Type of businessWatches
FoundedJune 2013
Headquarters5454 Beethoven Street, Los Angeles, California[1]
OwnerMovado
URLwww.mvmtwatches.com

The current CEO of MVMT is co-founder Jake Kassan.[3]

Etymology

The word "MVMT" is a play-on-words, denoting both the movement of time and people, as well as the movement component of a watch.[4]

History

MVMT was co-founded in June 2013 by college dropouts Jake Kassan and Kramer LaPlante. They successfully raised more than $290,000 through two crowdfunding campaigns on Indiegogo.[5][6][7]

MVMT started selling sunglasses in 2016[5] and was acquired by Movado in August 2018 for over $100 million, possibly reaching $200m depending on performance.[7]

Userbase and sales

According to MVMT, in 2017, 88% of their users were under 34 years old and 45% were under 24.[8]

By December 2016, the company had sold over 600,000 watches[5] and was estimated to have sold over 1 million watches by September 2018.[4]

References
  1. "Company Overview of MVMT Watches Inc". Bloomberg L.P. Retrieved 2019-04-01.
  2. Biggs, John (2018-08-17). "Movado Group acquires watch startup MVMT". TechCrunch. Retrieved 2019-04-01.
  3. "Our Story - Our Mission - Our Community". MVMT. Retrieved 2019-04-02.
  4. Emmer, Marc (2018-09-10). "The 7 Strategies That Helped These 2 College Dropouts Build a $100 Million Millennial Brand". Inc.com. Retrieved 2019-04-02.
  5. Clifford, Catherine (2016-12-02). "How two 25-year-old college dropouts built a watch company that made $60 million this year". CNBC. Retrieved 2019-04-01.
  6. "How MVMT is Disrupting the $60b Watch Industry". MVMT. Retrieved 2019-04-01.
  7. Bates, Rob (2018-08-16). "Movado to Pay More Than $100 Million for MVMT". JCK. Retrieved 2019-04-01.
  8. Williams, Alex (2017-10-30). "A Watch Brand by and for Millennials". The New York Times. ISSN 0362-4331. Retrieved 2019-04-01.
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