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Posts Tagged ‘Movado Bold

New Movado Bold Collection

Earlier this year, Movado announced that they were closing their retail outlets (27 high profile locations in the United States), as the initial part of a strategy to turn the company around. This effectively removes their non-profitable retail division, which was losing average of $10 million per year. The large size of the stores was noted as one of the major problems (they averaged 2,220 square feet). I can understand a brand running a boutique or two, maybe in New York or Los Angeles, even at a small loss, because these boutiques act as a flagship for the brand, but to operate 27 stores at a loss is just not viable.

The second part of their strategy was to get out of the jewelry business. And in removing their jewelry division they can now focus on their core product, timepieces. They sell watches under the Movado brand, as well as producing watches for Zales, Saks Fifth Avenue and Neiman Marcus. They have already updated many of their classic timepiece collections, and now they’re working on an entirely new timepiece collection.

They have created an all new collection of timepieces that will attract a new niche of buyers. The Movado brand has had good recognition, and was an especially good seller in the 80’s and 90’s, but recently the designs have gone mostly unchanged, and being that Movado is a fashion brand, this has not been very effective. Regardless of what product you are selling, the one thing that is generally true across any retail product is that you need newness, and I just don’t think they were offering anything new, or in this case “bold.”

Just in time for the holidays, they have launched the Movado Bold collection. The new collection features a mixture of mostly black or white timepieces, for both men and women, with very vibrant colors (although some pieces are more muted with all black or all white). The movements are accurate swiss quartz. The crystals are K1 sapphire hardened mineral crystals (which aren’t as good at preventing scratches as pure sapphire, but are much better than standard mineral crystals). The cases are stainless steel mixed with a TR90 composite material (it is Swiss polymer that is light, shape-retaining and extremely long-lasting). The straps are coated leather. And the designs are bold. Best of all, though, is that they are affordable ($500 or less). Plus, you can now buy them directly online, which is the fourth part of their turn around strategy (sell online to increase sales and profitability).

These may not be super luxurious, or even as luxurious as the classic Movado collections, but I think they are more in tune with what consumers in this price range want. And consumer’s opinions are really what matters most.

Retail $295- $495

Movado

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Written by kevin

November 8, 2010 at 1:49 am

Posted in Fashion, New Model

Tagged with ,