MVMT Watches explained

MVMT Watches Inc.
Company Type:Watches
Founded:June 2013
Location:5454 Beethoven Street, Los Angeles, California[1]
Owner:Movado

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

Etymology

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.

History

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.[3] [4] [5]

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

Userbase and sales

According to MVMT, in 2017, 88% of their users were under 34 years old and 45% were under 24.[7]

By December 2016, the company had sold over 600,000 watches and was estimated to have sold over 1 million watches by September 2018.[8]

References

  1. Web site: Company Overview of MVMT Watches Inc.. live. https://web.archive.org/web/20190401044306/https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=422566547. 2019-04-01. Bloomberg L.P.. 2019-04-01.
  2. Web site: Movado Group acquires watch startup MVMT. Biggs. John. 2018-08-17. TechCrunch. en-US. 2019-04-01.
  3. Web site: How two 25-year-old college dropouts built a watch company that made $60 million this year. Clifford. Catherine. 2016-12-02. CNBC. 2019-04-01.
  4. Web site: Watson. Charles. 2016-05-27. How MVMT is Disrupting the $60b Watch Industry. dead. https://web.archive.org/web/20160620044031/https://www.mvmtwatches.com/pages/how-mvmt-is-disrupting-the-60b-watch-industry. 2016-06-20. 2019-04-01. MVMT.
  5. Web site: Movado to Pay More Than $100 Million for MVMT. Bates. Rob. 2018-08-16. JCK. en-US. 2019-04-01.
  6. Web site: Biggs. John. 2018-08-17. Movado Group acquires watch startup MVMT. 2019-04-01. TechCrunch. en-US.
  7. News: Williams. Alex. 2017-10-30. A Watch Brand by and for Millennials. en-US. The New York Times. 2021-03-09. 0362-4331.
  8. Web site: The 7 Strategies That Helped These 2 College Dropouts Build a $100 Million Millennial Brand. Emmer. Marc. 2018-09-10. Inc.com. 2019-04-02.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "MVMT Watches".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.