SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
MajorsJul 07, 2020
Movado To Lay Off Employees Amid Restructuring
The layoffs are part of the watch company’s plan to cut costs amid economic hardships brought on by the COVID-19 pandemic.
A Movado Connect 2.0 timepiece. The watch company is laying off an undisclosed number of employees as part of its new restructuring plan.
Paramus, N.J.—Movado Group plans to lay off employees as part of its new restructuring plan, the company announced in a recent 8-K filing with the U.S. Securities and Exchange Commission.
The company declined to disclose the number of employees who will be affected.
CEO Efraim Grinberg said in a statement to National Jeweler: “The moves that we have taken, although painful, will enable the company to be better positioned for the future.”
Affected U.S. employees will receive severance packages, outplacement assistance and extended benefit coverage.
The COVID-19 pandemic “caused unprecedented economic and social hardships,” Grinberg said, adding that “these circumstances have led us to reorganize and streamline our teams in order to sustain and secure long-term growth for the business.”
Back in June, Movado announced organizational changes intended to streamline the company and accelerate its digital initiatives.
Behzad Soltani, the current president of direct-to-consumer and chief digital officer, was promoted to executive vice president, commercial president, and chief technology officer.
Current Chief Financial Officer Sallie DeMarsilis was promoted to executive vice president and chief operating officer while maintaining her role as CFO.
Grinberg said the new management structure will help unify the company’s distribution channels.
The aim of its overall restructuring is to reduce operating expenses and adjust cash flows, Movado said in the 8-K filing.
The plan is expected to cost between $9 million to $12 million in total with the majority of the money, between $8.5 million and $11 million, going toward employee severance and benefits costs and stock-based compensation charges, as per the filing.
Between $500,000 to $1 million will go to “consolidating facilities,” though a Movado spokesperson said the company has closed its locations only temporarily.
The watch company began reopening stores last month and said during a recent earnings call it expected to have 41 of 47 North American locations open by mid-June.
The majority of the restructuring plan is expected to be implemented in the second quarter of the company’s fiscal year, though Movado noted cash severance will be paid out over time so charges will continue into the next fiscal year.
Movado, like so many other companies, is struggling amid the COVID-19 pandemic, temporarily shuttering its stores and furloughing 80 percent of its North American workforce, approximately 850 employees.
Net sales in its recent first quarter fell 53 percent to $69.7 million, compared with $146.5 million a year ago.
Grinberg highlighted the “accelerated shift in the overall business” to digital and e-commerce.
“Although e-commerce sales
were strong, they were not nearly enough to offset the declines in our wholesale and company stores businesses,” said CFO DeMarsilis on the earnings call last month.
Looking to the year ahead, DeMarsilis said the company won’t be providing fiscal guidance but it does expect its second quarter to be “significantly impacted by the crisis” with the top line “expected to remain below last year.”
The company also recently borrowed an additional $30 million under its credit agreement to bolster its financial flexibility.
Looking to the year ahead, DeMarsilis said the company won’t be providing fiscal guidance but it does expect its second quarter to be “significantly impacted by the crisis” with the top line “expected to remain below last year.”
The company also recently borrowed an additional $30 million under its credit agreement to bolster its financial flexibility.
More on Majors
The Latest
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Weekly QuizJul 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
EditorsJul 29, 2026
Q&A: The Past and Future of Angola’s Diamond Industry Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
SurveysJul 27, 2026
Jewelry Leads Luxury Market Amid Stabilization, Bain SaysBain & Company delved into the trends shaping the luxury market, the impact of AI, and more in its recent study.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
