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Company Description

Contact Info

650 From Road

Suite 375

Paramus, NJ 07652

United States

Phone: 201-267-8000

Fax:

Movado Group, Inc. designs, sources, markets, and distributes fine watches. The company’s portfolio of brands includes Coach Watches, Concord, Ebel, ESQ Movado, Scuderia Ferrari Watches, HUGO BOSS Watches, Juicy Couture Watches, Lacoste Watches, Movado, and Tommy Hilfiger Watches. The company designs, develops, markets, and distributes watch brands sold in almost every major category comprising the watch industry. The company divides its business into two major geographic locations, United States operations, and International, which includes the results of all other company operations. The company’s International operations are principally conducted in Europe, the Americas (excluding the United States), Asia, and the Middle East. The company’s international assets are located in Switzerland and Asia. Segments The company operates through two segments, Wholesale and Retail. Wholesale This segment includes the design, development, sourcing, marketing, and distribution of watches, in addition to after-sales service activities and shipping. United States Wholesale: The company sells all of its brands in the U.S. wholesale market primarily to major jewelry store chains, such as Helzberg Diamonds Corp.; Sterling, Inc.; and Zale Corporation, as well as department stores, such as Macy’s and Nordstrom, and independent jewelers. Sales to trade customers in the United States are made directly by the company’s U.S. sales force and independent sales representatives. The sales force also consists of account executives and account representatives who, respectively, sell to and service chain and department store accounts. International Wholesale: Internationally, the company’s brands are sold in department stores, such as El Cortes Ingles in Spain and Galeries Lafayette in France; jewelry chain stores, such as Christ in Switzerland and Germany; and independent jewelers. The company employs its own international sales force operating at the company’s sales and distribution offices in Canada, China, France, Germany, Hong Kong, Singapore, Switzerland, the United Kingdom, and the United Arab Emirates. In addition, the company sells all of its brands other than ESQ Movado through a network of independent distributors operating in various countries worldwide. Distribution of ESQ Movado watches, which outside of the United States are sold primarily in Canada and the Caribbean, is handled by the company’s Canadian subsidiary and Caribbean-based sales teams. In France and Germany, the company’s licensed brands are marketed and distributed by subsidiaries of a joint venture company owned 51% by the company and 49% by Financiere TWC SA, a French company with established distribution, marketing and sales operations in France and Germany. In the U.K., the company distributes both its licensed brands, as well as Movado and Ebel watches through MGS Distribution Limited, an English company in which the company has a 90% ownership interest. Retail This segment includes the company’s outlet stores. The company’s subsidiary, Movado Retail Group, Inc., operates 35 outlet stores located in outlet centers across the United States, which serve as a vehicle to sell discontinued models and factory seconds of all of the company’s watches. Brands Coach Watches: Coach Watches are an extension of the Coach leathergoods brand and reflect the Coach brand image. Coach watches are made with stainless steel, gold finish or a combination of stainless steel and gold finish with leather straps, stainless steel bracelets or gold finish bracelets. Concord: Concord watches have Swiss movements and are made with solid 18 karat gold, stainless steel or a combination of 18 karat gold and stainless steel. Ebel: All Ebel watches feature Swiss movements and are made with solid 18 karat gold, stainless steel or a combination of 18 karat gold, rose gold, ceramic and stainless steel. ESQ Movado: In 2013, the company began to market the brand as ESQ Movado. All ESQ watches contain Swiss movements and majority are made with stainless steel, gold finish or a combination of stainless steel and gold finish, with leather straps, stainless steel

 

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MOVAA

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Valuation MOVAA Industry Range
Price/Earnings 12.7x
Price/Sales 1.0x
Price/Book 1.3x
Price/Cash Flow 12.4x
TEV/Sales 0.8x
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