Marketing Research - Mavado Group, Inc.
is a publicly-owned, international company traded on the New York Stock Exchange under MOV. The Paramus, New Jersey-based company designs, makes and distribures watches. Movado family of brands collectively competes in the watch industry's moderate through luxury price categories. The company's trade customers include department stores, jewelry store chains and independent jewlers, many of which sell more than one of Movado Group's brands. In addition, the firm's retail division includes five prestige boutiques and 24 outlet stores in the United States.
Each of the company's core watch brands: Concord, Movado and ESQ remain strong with each brand's styling and advertising targeted at diverse consumer and price segments. Concord has received strong acceptance in the luxury market, offering a good value. The Movado line, which includes widely recognized Museum Watch Dial, continues to appeal to sophisticated customers; while the modeerately priced ESQ watch attracts younger consumers with an active lifestyle.
Movado has a strong history of success in launching new brands. The launch of the Coach brand has been described as the most exciting watch brand launch ever, with first year sales exceeding $16 million. The company's ESQ line has remained strong since it was introduced in 1992 and the introduction of the Movado Vizio line was considered highly successful. The company has recently signed an exclusive license with the Tommy Hilfiger Corportation, to develop and distribute a watch brand.
Movado launched its Movado Boutique concept in 1998, with each store carrying exclusively-designed custom jewelry, tabletop accessories, home decorative objects, as well as watches. Movado also signed a license agreement with Linden Clocks, a leading maker, to develop, produce and distribute a line of Movado clocks, and a separate agreement with Lantis Eyeware Corporation for the production and sale of Movado eyeware and sunglasses.