MVMT Watches

MVMT Watches Inc.[1] (or simply MVMT) is an American watchmaker that sells quartz watches,[2] as well as sunglasses and other accessories.[1] The company was founded in June 2013 and was acquired by Movado in August 2018.

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

EtymologyEdit

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.[3]

HistoryEdit

MVMT was co-founded in June 2013 by college dropouts Jake Kassan and Kramer LaPlante. They raised more than $290,000 for MVMT through two crowdfunding campaigns on Indiegogo.[4][5][6]

MVMT started selling sunglasses in 2016[4] and was acquired by watchmaker Movado in August 2018 for over $100 million, possibly reaching $200m depending on performance.[6][7]

Userbase and salesEdit

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[4] and was estimated to have sold over 1 million watches by September 2018.[3]

ReferencesEdit

  1. ^ a b c "Company Overview of MVMT Watches Inc". Bloomberg L.P. Archived from the original on 2019-04-01. Retrieved 2019-04-01.
  2. ^ Biggs, John (2018-08-17). "Movado Group acquires watch startup MVMT". TechCrunch. Retrieved 2019-04-01.
  3. ^ a b 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.
  4. ^ a b c 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.
  5. ^ Watson, Charles (2016-05-27). "How MVMT is Disrupting the $60b Watch Industry". MVMT. Archived from the original on 2016-06-20. Retrieved 2019-04-01.
  6. ^ a b Bates, Rob (2018-08-16). "Movado to Pay More Than $100 Million for MVMT". JCK. Retrieved 2019-04-01.
  7. ^ Biggs, John (2018-08-17). "Movado Group acquires watch startup MVMT". TechCrunch. 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 2021-03-09.