You may have come across ads for watches from a startup called MVMT online. The company heavily advertised its products on Facebook which have largely been appreciated by millennials. The startup founded by Jacob Kassan and Kramer LaPlante has now been acquired by the Movado Group for $100 million. The group sells watches under multiple brands including but not limited to Tommy Hilfiger and Lacoste.
MVMT has truly been a success story for the digital age. It raked in $71 million in revenue last year while limiting much of its ad spend to social media networks like Facebook. It made minimalistic watches with the millennial market in mind.
The watches weren’t technologically advanced as MVMT positioned itself as a fashion watch brand. It sold quartz watches that were appreciated more for their design instead of technological complexity. MVMT built up a solid online presence over the years and carved out space for itself in the competitive watch market. Its smart use of social media is what greatly helped the company achieve its position.
“The acquisition of MVMT will provide us greater access to millennials and advances our Digital Center of Excellence initiative with the addition of a powerful brand managed by a successful team of highly creative, passionate and talented individuals,” said Efraim Grinberg, the CEO of Movado.
MVMT Watch Startup Acquired By Movado Group , original content from Ubergizmo. Read our Copyrights and terms of use.
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