Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
With Purchase of JLB, Movado Moves into Jewelry
Movado Group has acquired UK-based JLB Brands, the owner of the Olivia Burton line of watches and fashion jewelry.
Paramus, N.J.--Movado Group Inc. is moving into fashion jewelry with the purchase of JLB Brands Ltd., the London-based company that owns the millennial-focused Olivia Burton brand of watches and jewelry.
Movado used cash held outside the United States to buy JLB, which it purchased for approximately £60 million ($76 million).
Founded in 2011 by best friends Lesa Bennett and Jemma Fennings, Olivia Burton began selling ladies’ quartz fashion watches the following year, expanding into jewelry in 2016. The company is named after Bennett’s great-aunt.
The brand’s watches and jewelry are priced between £35-200 (about $45 to $270).
Both are sold online, as well as in UK retailers including Watchshop, Selfridges, Beaverbrooks and the Topshop flagship in Oxford Circus, London. Nordstrom has picked up the line as well, selling it in 117 stores in the United States as of January 2017, Movado said.
Bennett and Fennings will continue to run Olivia Burton, reporting to Movado Group CEO and Chairman Efraim Grinberg. Movado also will be keeping the 33-employee JLB Brand team, who operate out of the Shoreditch section of London.
The acquisition will help Olivia Burton, which has just begun expanding internationally, grow outside the UK, while giving Movado Group a growing brand that is millennial-focused and has a strong e-commerce business.
According to the news release Movado issued announcing the transaction, JLB Brands saw revenues increase 64 percent year-over-year last fiscal year and is expected to grow nearly 67 percent in its current fiscal year, which will end on March 31, 2018.
Buying Olivia Burton also gives Movado an entree into jewelry.
Grinberg said: “With this acquisition, we not only reaffirm our commitment to the watch category, but also expand our presence into fashion jewelry. Olivia Burton’s success under Lesa and Jemma’s direction prove that beautifully designed watches and jewelry can continue to excite today’s consumer.”
Movado Group said it will discuss the transaction in more detail when it reports its second quarter fiscal 2018 results.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The announcement came as the company reported a 23 percent drop in production in Q1.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.