Movado Group, Inc. (MOV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de los relojes de lujo, Movado Group, Inc. (MOV) se destaca como una narración convincente de la innovación estratégica y la diversificación de marcas. Esta exploración de su lienzo de modelo de negocio revela un enfoque sofisticado que combina perfectamente la excelencia en el diseño, las redes de distribución global y la gestión de la cartera de múltiples marcas. Desde entusiastas de los relojes premium hasta jóvenes profesionales urbanos, Movado ha creado un modelo de negocio dinámico que trasciende la relojería tradicional, transformando el cronometraje en una forma de arte de precisión comercial estratégica.

Movado Group, Inc. (MOV) - Modelo de negocios: asociaciones clave

Fabricantes de relojes suizos e internacionales

Movado Group mantiene asociaciones estratégicas con los siguientes fabricantes de relojes:

Fabricante	Detalles de la asociación	Año establecido
Movado	Marca de reloj suizo interno	1881
Mvmt	Adquirido en 2018 por $ 100 millones	2018
Olivia Burton	Adquirido en 2017	2017

Redes de distribución minorista de lujo

Las asociaciones de distribución clave incluyen:

• Nordstrom (246 ubicaciones minoristas)
• Macy's (más de 500 grandes almacenes)
• Bloomingdale's
• Amazon (plataforma de comercio electrónico)

Socios de colaboración de diseño y tecnología

Colaboraciones tecnológicas:

Pareja	Enfoque de colaboración	Año
Grupo fósil	Tecnología de relojes inteligentes	2019
Movado conectado	Desarrollo de relojes inteligentes	2017

Proveedores de fabricación en Asia

Proveedores de fabricación primarios:

• Proveedores en China
• Instalaciones de fabricación en Hong Kong
• Proveedores de componentes en Taiwán

Agencias de marketing y marca

Detalles de la asociación de marketing:

Agencia	Servicios	Presupuesto anual de marketing
Publicis groupe	Estrategia de marketing global	$ 12.5 millones
Grupo WPP	Marketing digital	$ 8.3 millones

Movado Group, Inc. (MOV) - Modelo de negocio: actividades clave

Diseño de reloj y desarrollo de productos

Movado Group invirtió $ 22.3 millones en diseño y desarrollo de productos en el año fiscal 2022. La compañía mantiene centros de diseño en:

• Nueva York, EE. UU.
• Bienne, Suiza
• Hong Kong

Marca	Inversión de diseño anual	Tamaño del equipo de diseño
Movado	$ 8.5 millones	45 diseñadores
Mvmt	$ 5.2 millones	28 diseñadores
Otras marcas	$ 8.6 millones	62 diseñadores

Gestión de marca global

Movado Group gestiona 16 marcas de relojes globales en múltiples segmentos de mercado. La compañía opera en más de 100 países.

Distribución minorista y mayorista

Canales de distribución para el año fiscal 2022:

• Al por mayor: 68% de los ingresos totales
• Minorista: 32% de los ingresos totales

Canal de distribución	Número de puntos de venta	Contribución de ingresos
Grandes almacenes	2,300	$ 185.4 millones
Minoristas especializados	1,750	$ 142.6 millones
Tiendas minoristas propiedad de la empresa	45	$ 62.3 millones

Marketing y posicionamiento de la marca

Gasto de marketing en el año fiscal 2022: $ 47.5 millones Asignación de marketing:

• Marketing digital: 45%
• Medios tradicionales: 35%
• Patrocinios: 20%

Gestión de la cadena de suministro y el inventario

Ubicaciones de fabricación y abastecimiento:

• Suiza: producción de relojes de lujo
• China: fabricación de relojes de mercado masivo
• Hong Kong: centro de distribución regional

Métrico de inventario	Valor 2022	Tasa de facturación de inventario
Valor de inventario total	$ 214.6 millones	2.7 veces al año
Materia prima	$ 42.3 millones	-
Artículos terminados	$ 172.3 millones	-

Movado Group, Inc. (MOV) - Modelo de negocio: recursos clave

Cartera de marca fuerte

Movado Group posee múltiples marcas de relojes con un posicionamiento de mercado distinto:

Marca	Segmento de mercado	Contribución anual de ingresos
Movado	Lujo/prima	$ 187.3 millones
Mvmt	Milenario/digital	$ 84.6 millones
Relojes de entrenador	Moda/estilo de vida	$ 129.5 millones

Experiencia de diseño e ingeniería

Las capacidades técnicas incluyen:

• 6 centros de diseño a nivel mundial
• 192 ingenieros de diseño especializados
• 37 patentes de diseño activos

Red de distribución global

Canal de distribución	Número de puntos de venta
Tiendas minoristas	1,200
Plataformas en línea	87
Socios al por mayor	3,500

Propiedad intelectual

Cartera de propiedades intelectuales:

• 37 patentes de diseño activos
• 22 marcas registradas
• 14 registros de diseño internacional

Capital financiero

Métrica financiera	Valor 2023
Activos totales	$ 789.4 millones
Inversión de I + D	$ 24.3 millones
Efectivo y equivalentes	$ 142.6 millones

Movado Group, Inc. (MOV) - Modelo de negocio: propuestas de valor

Diseños de relojes de lujo premium y accesibles

Movado Group ofrece colecciones de relojes a través de los rangos de precios de $ 195 a $ 2,500. La compañía posee múltiples marcas con posicionamiento distintivo:

Marca	Gama de precios	Segmento de mercado
Movado	$495 - $2,500	Lujo/prima
Mvmt	$95 - $195	Moda asequible
Esq	$295 - $795	Profesional contemporáneo

Tecnología innovadora del reloj

Las innovaciones tecnológicas incluyen:

• Diseño de dial de museo
• Tecnología de cristal de zafiro
• Movimiento de cuarzo suizo
• Capacidades de reloj de Smart Connected

Ofertas de múltiples precios de precio

Desglose de ingresos por segmentos de precios:

Segmento de precios	Porcentaje de ingresos
Nivel de entrada ($ 95- $ 299)	35%
Rango medio ($ 300- $ 799)	40%
Premium ($ 800- $ 2,500)	25%

Colecciones de estilo modernas y clásicas

Movado Group mantiene 12 colecciones de relojes distintas abarcando estética de diseño contemporánea y tradicional.

Fuerte herencia y reputación de la marca

Métricas de marca clave:

• Fundado en 1881
• Presencia global en más de 100 países
• Reconocimiento de marca 2022: 67% entre los consumidores de relojes de lujo
• Tasa promedio de retención de clientes: 58%

Movado Group, Inc. (MOV) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

Movado Group proporciona un servicio al cliente personalizado a través de múltiples canales:

Canal de servicio	Tiempo de respuesta	Métodos de contacto
Soporte en línea	24-48 horas	Correo electrónico, chat en vivo
Soporte telefónico	Inmediato	Línea de atención al cliente dedicada
Asistencia en la tienda	En tiempo real	Boutiques de marca, minoristas autorizados

Compromiso digital y en la tienda

Métricas de compromiso digital para Movado Group:

• Tráfico del sitio web: 1.2 millones de visitantes mensuales
• Descargas de aplicaciones móviles: 250,000
• Duración promedio de la sesión en línea: 3.5 minutos

Programas de lealtad y recompensas

Detalles del programa de fidelización del grupo Movado:

Nivel de programa	Beneficios	Inscripción
Nivel de plata	Crédito de compra del 5%	75,000 miembros
Nivel de oro	Crédito de compra del 10%	35,000 miembros
Nivel de platino	Crédito de compra del 15%	12,000 miembros

Interacción de la marca de redes sociales

Estadísticas de compromiso de las redes sociales:

• Seguidores de Instagram: 450,000
• Fans de Facebook: 280,000
• Tasa promedio de compromiso posterior: 3.2%
• Gasto publicitario de redes sociales: $ 1.2 millones anuales

Experiencias exclusivas de lanzamiento de productos

Métricas de compromiso de lanzamiento del producto:

Tipo de lanzamiento	Asistentes	Conversión de ventas
Eventos de lanzamiento virtual	5,000 participantes	Tasa de conversión del 12%
Vistas previas exclusivas en la tienda	2.500 clientes	Tasa de conversión del 18%
Eventos de vista previa VIP	1,000 clientes de primer nivel	Tasa de conversión del 25%

Movado Group, Inc. (MOV) - Modelo de negocios: canales

Sitios web de comercio electrónico de la empresa

Movado Group opera múltiples plataformas de comercio electrónico específicas de marca, que incluyen:

Marca	Sitio web de comercio electrónico	Porcentaje de ventas en línea
Movado	Movado.com	12.4% de los ingresos totales de la marca
Mvmt	mvmtwatches.com	24.6% de los ingresos totales de la marca
Esq	esq.com	8.2% de los ingresos totales de la marca

Tiendas de socios minoristas

Movado Group mantiene asociaciones con:

• Macy's: 276 ubicaciones minoristas
• Nordstrom: 118 ubicaciones minoristas
• Bloomingdale: 59 ubicaciones minoristas

Concesiones de grandes almacenes

Grandes almacenes	Número de ubicaciones de concesión	Ventas anuales promedio por ubicación
Neiman Marcus	42	$87,500
Saks Fifth Avenue	38	$79,300

Minoristas de relojes especializados

La distribución del minorista de relojes especializados incluye:

• Jared The Galleria of Jewelry: 261 ubicaciones
• Kay Jewelers: 1,160 ubicaciones
• Boutiques de relojes independientes: 215 ubicaciones

Plataformas de marketing digital

Plataforma	Seguidores/alcance	Tasa de compromiso
Instagram	1.2 millones de seguidores	3.7%
Facebook	890,000 seguidores	2.9%
Tiktok	350,000 seguidores	4.5%

Movado Group, Inc. (MOV) - Modelo de negocios: segmentos de clientes

Entusiastas de los relojes de lujo

Tamaño del mercado para el segmento de reloj de lujo: $ 22.7 mil millones a nivel mundial en 2023

Rango de edad	Gasto promedio	Preferencia
35-55 años	$ 3,500- $ 7,500 por reloj	Marcas suizas y de diseño de alta gama

Jóvenes profesionales urbanos

Demográfico objetivo: profesionales de 25 a 40 años

• Rango de ingresos anuales: $ 75,000- $ 150,000
• Poder de compra: $ 500- $ 2,500 por reloj
• Compromiso digital: 82% activo en las plataformas de redes sociales

Consumidores conscientes de la moda

Mercado global de accesorios de moda: $ 619.8 mil millones en 2023

Género	Cuota de mercado	Compra de reloj promedio
Masculino	58%	$750-$1,500
Femenino	42%	$450-$1,200

Medio de rango para el mercado premium

Valor del segmento de mercado: $ 45.3 mil millones a nivel mundial en 2023

• Precio: $ 300- $ 3,000
• Preferencia del consumidor: diseño y reputación de la marca
• Frecuencia de compra: 1-2 relojes por año

Clientes internacionales globales

Distribución del mercado internacional de relojes

Región	Cuota de mercado	Índice de crecimiento
América del norte	35%	4.2%
Europa	28%	3.7%
Asia-Pacífico	27%	5.6%
Resto del mundo	10%	2.9%

Movado Group, Inc. (MOV) - Modelo de negocio: Estructura de costos

Diseño y desarrollo de productos

Para el año fiscal 2023, Movado Group reportó gastos de I + D de $ 19.4 millones, lo que representa aproximadamente el 2.7% de las ventas netas totales.

Categoría de gastos	Monto ($)	Porcentaje de ventas
Costos de diseño de productos	14,200,000	2.0%
Desarrollo prototipo	5,200,000	0.7%

Fabricación y producción

Los costos totales de fabricación para Movado Group en 2023 fueron de $ 215.6 millones, con el siguiente desglose:

• Costos de materia prima: $ 128.3 millones
• Costos laborales directos: $ 42.7 millones
• Sobrecoss de fabricación: $ 44.6 millones

Ubicación de fabricación	Volumen de producción	Costo por unidad
Suiza	125,000 unidades	$172
Hong Kong	250,000 unidades	$98

Marketing y publicidad

Los gastos de marketing para el año fiscal 2023 totalizaron $ 87.3 millones, lo que representa el 12.3% de las ventas netas.

• Marketing digital: $ 26.2 millones
• Publicidad tradicional: $ 38.5 millones
• Marketing de ferias comerciales y eventos: $ 22.6 millones

Distribución y logística

Los costos de distribución para 2023 fueron de $ 62.9 millones, con la siguiente asignación:

Canal de distribución	Gasto ($)	Porcentaje de costos de distribución
Tiendas minoristas	28,300,000	45%
Comercio electrónico	18,900,000	30%
Al por mayor	15,700,000	25%

Gastos operativos y administrativos

Los gastos administrativos para el año fiscal 2023 ascendieron a $ 95.6 millones.

• Compensación ejecutiva: $ 22.3 millones
• Infraestructura corporativa: $ 38.7 millones
• Tecnología y sistemas: $ 34.6 millones

Tipo de gasto	Monto ($)	Porcentaje de costos administrativos totales
Personal	52,400,000	54.8%
Instalaciones	23,100,000	24.2%
Tecnología	20,100,000	21%

Movado Group, Inc. (MOV) - Modelo de negocios: flujos de ingresos

Ventas directas a consumidores

Las ventas directas a consumidores de Movado Group para el año fiscal 2023 totalizaron $ 279.2 millones, lo que representa el 39.7% de las ventas netas totales.

Distribución de relojes al por mayor

Los ingresos mayoristas para el año fiscal 2023 alcanzaron los $ 424.1 millones, lo que representa el 60.3% de las ventas netas totales.

Canal de ventas	Ingresos ($ M)	Porcentaje
Directo a consumidor	279.2	39.7%
Al por mayor	424.1	60.3%

Ingresos de la plataforma de comercio electrónico

Las ventas de comercio electrónico en el año fiscal 2023 contribuyeron con $ 87.6 millones a los ingresos totales.

Ventas del mercado internacional

Las ventas internacionales para el año fiscal 2023 fueron de $ 192.5 millones, lo que representa el 27.4% de las ventas netas totales.

Región geográfica	Ventas ($ M)	Porcentaje
Estados Unidos	511.8	72.6%
Mercados internacionales	192.5	27.4%

Licencias y asociaciones de marca

Los ingresos por licencias para el año fiscal 2023 ascendieron a $ 18.3 millones.

• Las asociaciones de marca incluyen entrenador, Tommy Hilfiger y Lacoste
• Los acuerdos de licencia generan flujos de ingresos adicionales

Ventas netas totales para Movado Group en el año fiscal 2023: $ 703.9 millones

Movado Group, Inc. (MOV) - Canvas Business Model: Value Propositions

Movado Group, Inc. delivers value through a tiered brand architecture designed to capture consumer spending across multiple price points and style preferences, from high-end heritage to fast-moving fashion.

The core value proposition rests on a diverse brand portfolio that spans luxury, contemporary, and fashion segments. As of the fiscal year ending January 31, 2025, the company generated total net sales of $653.4 million, supported by this breadth of offerings.

The portfolio is strategically segmented:

Brand Category	Key Brands	Implied Positioning/Data Point
Core Owned Heritage	MOVADO®, EBEL®, CONCORD®	Swiss design/development for EBEL and Concord
Owned Contemporary/Fashion	MVMT®, OLIVIA BURTON®	Licensed brands growth driven by Gen Z engagement in Q2 FY2026
Licensed Fashion & Lifestyle	COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, CALVIN KLEIN®	Licensed brands sales grew 9.5% year-over-year as reported in Q2 FY2026

For the younger consumer base, Movado Group offers accessible luxury and on-trend designs, primarily through the MVMT and Olivia Burton brands. The momentum in the broader licensed portfolio, which includes Olivia Burton, suggests success in this area; licensed brands saw reported sales growth of 9.5% in the second quarter of fiscal 2026, which management explicitly linked to Gen Z engagement via digital platforms. Olivia Burton, for instance, is known for fusing craftsmanship with playful details and recently unveiled a contemporary new look.

The Swiss-made quality and heritage are anchored in the core owned brands. Movado, the flagship, was founded in Switzerland in 1881 and is recognized for its iconic Museum® dial, holding over 200 international awards for design. For the EBEL and Concord brands, watch product development is specifically carried out in the Company's Swiss operations. Historically, Concord was positioned in the luxury space, with flagship quartz models ranging from $2,000 to $20,000.

Movado Group demonstrates its Corporate Responsibility commitment via the Make Time ESG plan, with progress reported for the fiscal year ending January 31, 2025. Key achievements include:

• Removed an estimated 30 tonnes of virgin plastic from the value chain.
• Achieved 35% year-over-year cost savings on transit cartons by changing standard carton size.
• Empowered the workforce through leadership development, goals training, and AI tools.

The company maintained a strong balance sheet to support these value drivers, ending fiscal year 2025 with $208.5 million in cash and no debt.

Movado Group, Inc. (MOV) - Canvas Business Model: Customer Relationships

Transactional relationships for Movado Group, Inc. are heavily influenced by the performance across its varied distribution channels, with a clear pivot toward digital strength offsetting weakness in certain physical retail segments as of late 2025.

For the full fiscal year 2025, Movado Group, Inc. reported total net sales of $653.4 million. The performance varied significantly by geography and channel.

The company credited growth in its international wholesale channels and online retail for helping Q4 net sales increase 3.2% year-over-year to $181.5 million in the fourth fiscal quarter ended January 31, 2025. However, this growth was partially offset by declines in U.S. wholesale customers' brick-and-mortar stores and at Movado Company Stores.

Here's a quick look at the channel context based on fiscal year 2025 results:

Channel/Metric	Fiscal Year 2025 Performance vs. FY 2024	Q4 Fiscal Year 2025 Net Sales
U.S. Net Sales	Decreased 2.9%	Partially offset by declines in brick-and-mortar
International Net Sales	Increased 8.8% (12.2% constant dollar basis)	Growth credited
Online Retail (Ecommerce)	Growth credited	Growth credited
Movado Company Stores	Declines noted	Declines noted

Direct-to-consumer engagement is managed through Movado Company Stores and brand websites. While Movado Company Stores saw sales declines in fiscal year 2025, the Movado brand's direct-to-consumer channels experienced double-digit growth for the third quarter ended October 31, 2025. This suggests a stronger performance via owned e-commerce properties for the flagship brand.

Digital marketing focus is evolving to capture emerging consumer cohorts. While specific Movado Group spending on TikTok isn't public, the general context for 2025 marketing to Gen Z involves:

• Gen Z consumers are projected to hold significant purchasing power, with global spending projected to total $12 trillion by 2030.
• Marketers target their short attention span, which averages 8 seconds, requiring high-impact, concise content like short-form video.
• About 85% of Gen Z consumers trust peer recommendations over traditional advertising.

Financially, Movado Group, Inc. is adjusting its marketing investment; the company plans to reduce marketing spend by a range of $15 million to $20 million in fiscal 2026 relative to fiscal 2025 spending.

Customer service and after-sales support maintain relationships post-transaction. Movado Group, Inc. offers support through its Movado Company Store locations, a mail-in service, or authorized after-sales service centers. Customer service agents are reachable via email at service@mgicustomer.com or by calling 1.800.810.2311, Monday to Friday from 9:00AM to 5:00PM ET, with a goal to respond to all email inquiries within 48 hours. Battery replacement is offered in-store for most Movado Group brands, but certain timepieces must be sent to the Movado Group Inc. Service Center in Moonachie, New Jersey, including all solid gold timepieces, watches with skeleton case backs, Smart Watches, Digital Watches, Touch Screen Watches, and Vintage Watches (20 years or older).

Finance: draft 13-week cash view by Friday.

Movado Group, Inc. (MOV) - Canvas Business Model: Channels

You're looking at how Movado Company Stores, Inc. gets its products into customers' hands across the globe as of late 2025. The channel mix shows a clear divergence, with international and digital channels showing strength while traditional domestic retail faces headwinds.

International wholesale channels are definitely a key growth driver for Movado Company Stores, Inc. For the full fiscal year 2025, international net sales actually increased by 0.2% compared to fiscal year 2024, or a 0.6% increase on a constant dollar basis. This growth was more pronounced in the fourth quarter of fiscal 2025, where international net sales jumped 8.8% year-over-year, translating to a 12.2% increase on a constant dollar basis. This segment helped offset declines elsewhere in the business.

Global online retail and brand-specific e-commerce platforms are also contributing positively to the top line. Growth in online retail in the U.S. and international wholesale channels partially offset declines in other areas during fiscal year 2025. More recently, in the third quarter ended October 31, 2025, Movado Company Stores, Inc.'s direct-to-consumer channels experienced double-digit growth specifically for the Movado brand. This digital strength is a vital counterpoint to the challenges in physical retail.

Conversely, U.S. wholesale customers' brick-and-mortar stores are clearly facing declines. For the full fiscal year 2025, U.S. net sales decreased by 4.0% compared to fiscal year 2024. In the fourth quarter of fiscal 2025, U.S. net sales specifically dropped 2.9% year-over-year. The overall net sales for the entire company in fiscal year 2025 were $653.4 million, a slight dip from the prior year's $664.4 million.

The Movado Company Stores in the United States and Canada also saw sales contraction in fiscal year 2025, contributing to the overall decrease in U.S. net sales. However, looking at the second quarter of fiscal year 2026, the Company Stores segment reflected an increase in net sales, suggesting some recent stabilization or improvement in this direct retail footprint.

Here's a quick look at how the major segments performed based on the latest full-year and recent quarterly data:

Channel/Region	Fiscal Year 2025 Net Sales Change vs. Prior Year	Q4 Fiscal 2025 Net Sales Change vs. Prior Year	First Six Months FY2026 Net Sales Change vs. Prior Year (YOY)
Total Net Sales	-1.7%	+3.3%	+0.8% (Total Sales YTD)
U.S. Net Sales	-4.0%	-2.9%	-1.6% (U.S. YTD)
International Net Sales	+0.2% (or +0.6% constant dollar)	+8.8% (or +12.2% constant dollar)	+2.6% (International YTD)
U.S. Wholesale Brick-and-Mortar	Decline noted	Decline noted	N/A
Movado Company Stores	Decline noted	Decline noted	Increase noted (Q2 FY2026)

The company ended fiscal year 2025 with $208.5 million in cash and no debt. Also, for the third quarter ending October 31, 2025, the company reported $186.1 million in net sales.

You can see the reliance on international expansion and digital strength is a clear theme. If onboarding takes 14+ days, churn risk rises, which is why direct-to-consumer growth is so important here.

Finance: draft 13-week cash view by Friday.

Movado Group, Inc. (MOV) - Canvas Business Model: Customer Segments

Movado Group, Inc. serves distinct customer groups across its portfolio of owned and licensed brands, which are managed through a flexible manufacturing model relying on independent contractors in Asia and third-party assemblers in Switzerland.

Mass-market fashion consumers seeking licensed brand watches (e.g., HUGO BOSS, Lacoste)

This segment is served by licensed brands such as HUGO BOSS, Lacoste, Coach, Tommy Hilfiger, and Calvin Klein. The performance of these brands is a key driver for the wholesale channel. In the fourth quarter of fiscal year 2025, net sales in constant dollars reflected growth in licensed brands, which increased by 5% year-over-year.

For the second quarter of fiscal 2026, the increase in net sales reflected an increase in licensed brands, which contributed to the overall net sales growth of 3.1% to $161.8 million.

Mid-to-high-end consumers valuing modern design and Swiss heritage (Movado, Ebel)

This group targets consumers for the core owned brands, including Movado and Ebel, which are manufactured with third-party assemblers in Switzerland. The performance of the owned brands has been more challenged recently. For the fourth quarter of fiscal year 2025, growth in licensed brands was partially offset by a decline in owned brands. Similarly, for the second quarter of fiscal 2026, net sales saw a decrease in owned brands, which partially offset the growth from licensed brands and Company Stores.

Younger, digitally-native consumers (Gen Z) drawn to accessible brands like MVMT and Olivia Burton

The acquisition of MVMT in 2018 and Olivia Burton in 2017 was specifically aimed at capturing the millennial and younger consumer base, often reached via social media platforms. Both MVMT and Olivia Burton are categorized as owned brands. In fiscal year 2024, MVMT had seen increased profitability, and Olivia Burton showed improved performance in specific lines.

• MVMT and Olivia Burton are owned brands that compete in the moderate and fashion category.
• The company previously noted that it would no longer provide adjusted results omitting the amortization of acquired intangible assets for the Olivia Burton and MVMT acquisitions starting in the first quarter of fiscal 2025.

International markets, which generate the majority of revenue

International markets are a significant focus area, showing resilience compared to the U.S. wholesale channel. For the full fiscal year 2025, international net sales increased by 0.2% (or 0.6% on a constant dollar basis) compared to fiscal year 2024, while U.S. net sales decreased by 2.9%.

The strength in international markets was more pronounced in the fourth quarter of fiscal 2025, with international net sales increasing by 8.8% (or 12.2% on a constant dollar basis).

This trend continued into the latest reported period. For the second quarter of fiscal 2026, international net sales increased 6.9% (a 3.9% increase on a constant dollar basis), while U.S. net sales decreased 1.6%.

The company ended fiscal year 2025 with a strong balance sheet, holding $208.5 million in cash and no debt.

Here's a look at the geographic sales performance trends:

Period	U.S. Net Sales Change (YoY)	International Net Sales Change (YoY)	International Net Sales Change (Constant Dollar)
Fiscal Year 2025	Decreased 2.9%	Increased 0.2%	Increased 0.6%
Q4 Fiscal 2025	Decreased 2.9%	Increased 8.8%	Increased 12.2%
Q2 Fiscal 2026	Decreased 1.6%	Increased 6.9%	Increased 3.9%

Movado Group, Inc. (MOV) - Canvas Business Model: Cost Structure

The Cost Structure for Movado Group, Inc. centers on the costs associated with creating and delivering their timepieces, managing a global operation, and significant investment in brand visibility. You're looking at the primary drains on cash flow to keep the Movado brand and its licensed portfolio moving forward.

Cost of Goods Sold (COGS) for sourcing and manufacturing watches

The cost to produce the watches, which translates to the Cost of Goods Sold (COGS), is reflected in the gross profit figures. For the full fiscal year 2025, Movado Group recorded a gross profit of \$353.1 million. This represented 54.0% of net sales for that fiscal year. To give you a recent snapshot, the gross margin percentage for the third quarter ended October 31, 2025, was 54.3%. This margin reflects the mix of owned versus licensed brands and operational efficiencies achieved, though it was partially offset by foreign currency exchange rates in some periods.

Significant operating expenses, including payroll and distribution

Operating expenses capture the costs of running the business outside of direct production. For the entirety of fiscal year 2025, total operating expenses for Movado Group were \$333.1 million, while adjusted operating expenses were \$326.1 million. You can see the scale in the fourth quarter of fiscal 2025, where total operating expenses reached \$89.1 million.

Payroll and distribution costs are embedded within these figures. For instance, in the fourth quarter of fiscal 2025, the total operating expenses were partially offset by lower payroll and related expenses. Conversely, in the first quarter of fiscal 2026, an increase in operating expenses was primarily due to an increase in payroll-related expenses. Distribution costs are often bundled, but the company has focused on reducing overall go-forward operating expenses, implementing actions expected to deliver \$10 million in annualized savings as of the end of fiscal 2025.

Here are some key financial metrics that frame the cost base:

Metric	Fiscal Year 2025 Amount	Period
Total Operating Expenses	\$333.1 million	Full Year FY2025
Adjusted Operating Expenses	\$326.1 million	Full Year FY2025
Total Operating Expenses	\$89.1 million	Q4 FY2025
Adjusted Operating Expenses	\$84.8 million	Q4 FY2025
Gross Profit Margin	54.0%	Full Year FY2025

Marketing and advertising spend, planned for a $15 million to $20 million reduction in FY2026

Marketing is a deliberate cost center, used to support future growth. For fiscal year 2025, the company increased marketing spend to support future growth. Looking ahead to fiscal year 2026, Movado Group planned to bring its marketing spend more in line with sales, with a planned reduction of a range of \$15 million to \$20 million relative to fiscal 2025. This planned reduction is a key lever in managing the cost structure for the upcoming year.

The context for this planned reduction includes:

• Marketing expenses were a primary driver for the increase in total operating expenses in fiscal 2025.
• The reduction is intended to bring marketing spend more in line with sales in fiscal 2026.
• The company is focused on driving improved profitability across every aspect of the business.

Tariffs and duties, especially on Swiss-made imports

Tariffs represent a significant, and recently volatile, cost headwind. Movado Group navigated the implementation of a new 39% U.S. tariff on Swiss imports. In the second quarter ending July 31, 2025, the company took a \$2.2 million hit from tariff expenses. Furthermore, inventory on hand at the end of that quarter included \$4.6 million of reciprocal tariffs.

However, there is a near-term cost relief expected. A recently announced U.S.-Switzerland framework trade agreement is expected to reduce the overall U.S. tariff rate on Swiss watches to 15%, which is roughly one-third of the rate paid since August 2025. Beyond the Swiss tariffs, the company also faces other import costs:

• A 10 percent tariff on products from other countries (excluding China).
• Rates of more than 100 percent on Chinese products, specifically impacting bracelets and leather straps used in fashion watches.

Movado Group, Inc. (MOV) - Canvas Business Model: Revenue Streams

You're looking at how Movado Group, Inc. actually brings in the money, which is always the first thing I check when mapping out a business model. For the fiscal year ending January 31, 2025, the top line was net sales of watches and accessories, totaling $653.4 million. That's a slight dip from the $664.4 million seen in fiscal year 2024, but you need to see the components to understand the pressure points.

The revenue generation is split across a few key channels. The primary driver remains wholesale sales to department stores and specialty retailers. Still, you're seeing a clear shift, with growth coming from international wholesale channels and online retail, while U.S. wholesale brick-and-mortar stores saw declines in the fourth quarter of fiscal 2025. Honestly, that divergence tells you where the consumer traffic is moving.

Direct-to-consumer sales from e-commerce and Company Stores also contribute to the revenue mix. To give you a concrete example of where that channel is performing, for the third quarter ending October 31, 2025, the Movado brand itself saw double-digit growth in its direct-to-consumer channels. That's a strong signal for future revenue mix optimization.

Here's a quick look at the key financial results for the full fiscal year 2025 compared to the prior year, so you can see the scale of the revenue and profitability:

Metric	Fiscal Year 2025 Amount	Fiscal Year 2024 Amount
Net Sales	$653.4 million	$664.4 million
Operating Income	$20.0 million	$48.5 million
Adjusted Operating Income	$27.1 million	Not explicitly stated in comparison

The profitability from these sales is also critical. Operating income of $20.0 million was reported for fiscal year 2025. That's a significant drop from the $48.5 million in the prior year, which management attributed partly to lower sales leverage and unfavorable mix changes.

The main revenue streams, broken down by channel focus, look like this:

• Wholesale sales to department stores and specialty retailers (largest segment).
• Direct-to-consumer sales from e-commerce platforms.
• Sales through Company Stores.
• International wholesale channel growth provided a partial offset to domestic softness.

Finance: draft 13-week cash view by Friday.