Movado Group, Inc. (MOV): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe des montres de luxe, Movado Group, Inc. (MOV) est un récit convaincant de l'innovation stratégique et de la diversification de la marque. Cette exploration de leur toile de modèle commercial révèle une approche sophistiquée qui mélange parfaitement l'excellence de la conception, les réseaux de distribution mondiaux et la gestion du portefeuille multibrand. Des amateurs de montres premium aux jeunes professionnels urbains, Movado a conçu un modèle commercial dynamique qui transcende l'horlogerie traditionnelle, transformant le chronométrage en une forme d'art de précision commerciale stratégique.

Movado Group, Inc. (MOV) - Modèle commercial: partenariats clés

Fabricants de montres suisses et internationales

Movado Group maintient des partenariats stratégiques avec les fabricants de montres suivants:

Fabricant	Détails du partenariat	Année établie
Movado	Marque de surveillance suisse interne	1881
MVMT	Acquis en 2018 pour 100 millions de dollars	2018
Olivia Burton	Acquis en 2017	2017

Réseaux de distribution de détail de luxe

Les partenariats de distribution clés comprennent:

• Nordstrom (246 emplacements de vente au détail)
• Macy's (500+ grands magasins)
• Bloomingdale
• Amazon (plateforme de commerce électronique)

Partenaires de collaboration de conception et de technologie

Collaborations technologiques:

Partenaire	Focus de la collaboration	Année
Groupe de fossiles	Technologie de montre intelligente	2019
Movado connecté	Développement de smartwatch	2017

Fabrication des fournisseurs en Asie

Fournisseurs de fabrication principaux:

• Fournisseurs en Chine
• Installations de fabrication à Hong Kong
• Fournisseurs de composants à Taiwan

Agences de marketing et de marque

Détails du partenariat marketing:

Agence	Services	Budget marketing annuel
Groupe publique	Stratégie marketing mondiale	12,5 millions de dollars
Groupe WPP	Marketing numérique	8,3 millions de dollars

Movado Group, Inc. (MOV) - Modèle commercial: activités clés

Conception de montres et développement de produits

Movado Group a investi 22,3 millions de dollars dans la conception et le développement de produits au cours de l'exercice 2022. La société entretient des centres de conception dans:

• New York, États-Unis
• Biense, Suisse
• Hong Kong

Marque	Investissement annuel de conception	Taille de l'équipe de conception
Movado	8,5 millions de dollars	45 concepteurs
MVMT	5,2 millions de dollars	28 concepteurs
Autres marques	8,6 millions de dollars	62 concepteurs

Gestion mondiale de la marque

Le groupe Movado gère 16 marques de montres mondiales sur plusieurs segments de marché. La société fonctionne dans Plus de 100 pays.

Distribution de la vente au détail et en gros

Canaux de distribution pour l'exercice 2022:

• Vente en gros: 68% des revenus totaux
• Retail: 32% des revenus totaux

Canal de distribution	Nombre de points de vente	Contribution des revenus
Grands magasins	2,300	185,4 millions de dollars
Détaillants spécialisés	1,750	142,6 millions de dollars
Magasins de détail appartenant à l'entreprise	45	62,3 millions de dollars

Marketing et positionnement de la marque

Dépenses de commercialisation au cours de l'exercice 2022: 47,5 millions de dollars Attribution du marketing:

• Marketing numérique: 45%
• Médias traditionnels: 35%
• Parrainages: 20%

Chaîne d'approvisionnement et gestion des stocks

Emplacements de fabrication et d'approvisionnement:

• Suisse: Production de montres de luxe
• Chine: fabrication de montres de marché de masse
• Hong Kong: centre de distribution régional

Métrique des stocks	Valeur 2022	Taux de rotation des stocks
Valeur d'inventaire total	214,6 millions de dollars	2,7 fois par an
Matières premières	42,3 millions de dollars	-
Marchandises finies	172,3 millions de dollars	-

Movado Group, Inc. (MOV) - Modèle commercial: Ressources clés

Portfolio de marque solide

Movado Group possède plusieurs marques de montres avec un positionnement distinct sur le marché:

Marque	Segment de marché	Contribution annuelle des revenus
Movado	Luxe / prime	187,3 millions de dollars
MVMT	Millénaire / numérique	84,6 millions de dollars
HEAUX ENTRACHE	Mode / style de vie	129,5 millions de dollars

Expertise en conception et en génie

Les capacités techniques comprennent:

• 6 centres de conception dans le monde entier
• 192 ingénieurs de conception spécialisés
• 37 brevets de conception actifs

Réseau de distribution mondial

Canal de distribution	Nombre de points de vente
Magasins de détail	1,200
Plateformes en ligne	87
Partenaires en gros	3,500

Propriété intellectuelle

Portfolio de propriété intellectuelle:

• 37 brevets de conception actifs
• 22 marques enregistrées
• 14 inscriptions de conception internationales

Capital financier

Métrique financière	Valeur 2023
Actif total	789,4 millions de dollars
Investissement en R&D	24,3 millions de dollars
Espèce et équivalents	142,6 millions de dollars

Movado Group, Inc. (MOV) - Modèle d'entreprise: propositions de valeur

Designs de montres de luxe de qualité supérieure et accessibles

Movado Group propose des collections de montres à travers le prix varie de 195 $ à 2 500 $. La société possède plusieurs marques avec un positionnement distinct:

Marque	Fourchette	Segment de marché
Movado	$495 - $2,500	Luxe / prime
MVMT	$95 - $195	Mode abordable
Esq	$295 - $795	Professionnel contemporain

Technologie innovante de la montre

Les innovations technologiques comprennent:

• Conception de cadran du musée
• Technologie de cristal saphir
• Mouvement de quartz suisse
• Capacités de surveillance connectées intelligentes

Offres de prix multiples

Répartition des revenus par les segments de prix:

Segment des prix	Pourcentage de revenus
Entrée de gamme (95 $ - 299 $)	35%
Mid de gamme (300 $ - 799 $)	40%
Premium (800 $ - 2 500 $)	25%

Collections de style moderne et classique

Le groupe Movado maintient 12 collections de montres distinctes Étendue l'esthétique de conception contemporaine et traditionnelle.

Héritage et réputation de marque forte

Métriques clés de la marque:

• Fondée en 1881
• Présence mondiale dans plus de 100 pays
• 2022 Reconnaissance de la marque: 67% parmi les consommateurs de montres de luxe
• Taux de rétention de clientèle moyen: 58%

Movado Group, Inc. (MOV) - Modèle d'entreprise: relations avec les clients

Service client personnalisé

Le groupe Movado fournit un service client personnalisé via plusieurs canaux:

Canal de service	Temps de réponse	Méthodes de contact
Assistance en ligne	24-48 heures	Email, chat en direct
Support téléphonique	Immédiat	Ligne de service client dédiée
Assistance en magasin	En temps réel	Boutiques de marque, détaillants autorisés

Engagement numérique et en magasin

Métriques d'engagement numérique pour le groupe Movado:

• Trafic de site Web: 1,2 million de visiteurs mensuels
• Téléchargements d'applications mobiles: 250 000
• Durée moyenne de session en ligne: 3,5 minutes

Programmes de fidélité et de récompenses

Détails du programme de fidélité du groupe Movado:

Niveau de programme	Avantages	Inscription
Niveau argenté	Crédit d'achat de 5%	75 000 membres
Niveau d'or	10% de crédit d'achat	35 000 membres
Niveau de platine	15% de crédit d'achat	12 000 membres

Interaction de la marque des médias sociaux

Statistiques d'engagement des médias sociaux:

• Followers Instagram: 450 000
• Fans Facebook: 280 000
• Taux d'engagement du poste moyen: 3,2%
• Dépenses publicitaires sur les réseaux sociaux: 1,2 million de dollars par an

Expériences de lancement exclusifs de produits

Métriques d'engagement de lancement de produit:

Type de lancement	Participants	Conversion des ventes
Événements de lancement virtuels	5 000 participants	Taux de conversion de 12%
Aperçus exclusifs en magasin	2 500 clients	Taux de conversion de 18%
Événements de prévisualisation VIP	1 000 clients de haut niveau	Taux de conversion de 25%

Movado Group, Inc. (MOV) - Modèle d'entreprise: canaux

Sites Web de commerce électronique de l'entreprise

Movado Group exploite plusieurs plates-formes de commerce électronique spécifiques à la marque, notamment:

Marque	Site Web de commerce électronique	Pourcentage de vente en ligne
Movado	movado.com	12,4% du total des revenus de la marque
MVMT	mvmtwatches.com	24,6% des revenus totaux de la marque
Esq	esq.com	8,2% du total des revenus de la marque

Magasins de partenaires de vente au détail

Movado Group maintient des partenariats avec:

• Macy's: 276 emplacements de vente au détail
• Nordstrom: 118 emplacements de vente au détail
• Bloomingdale: 59 emplacements de vente au détail

Concessions des grands magasins

Grand magasin	Nombre de lieux de concession	Ventes annuelles moyennes par emplacement
Neiman Marcus	42	$87,500
Saks Fifth Avenue	38	$79,300

Détaillants de montres spécialisés

La distribution des détaillants de montres spécialisés comprend:

• Jared the Galleria des bijoux: 261 emplacements
• Kay Jewelers: 1 160 emplacements
• Boutiques de montre indépendantes: 215 emplacements

Plateformes de marketing numérique

Plate-forme	Abonnés / portée	Taux d'engagement
Instagram	1,2 million de followers	3.7%
Facebook	890 000 abonnés	2.9%
Tiktok	350 000 abonnés	4.5%

Movado Group, Inc. (MOV) - Modèle d'entreprise: segments de clientèle

Passionnés de montre de luxe

Taille du marché pour le segment de montre de luxe: 22,7 milliards de dollars dans le monde en 2023

Tranche d'âge	Dépenses moyennes	Préférence
35-55 ans	3 500 $ - 7 500 $ par montre	Marques suisses et designer haut de gamme

Jeunes professionnels urbains

Target démographique: 25-40 ans professionnels

• Gamme de revenus annuelle: 75 000 $ - 150 000 $
• Pouvoir d'achat: 500 $ - 2 500 $ par montre
• Engagement numérique: 82% actif sur les plateformes de médias sociaux

Consommateurs conscients de la mode

Marché mondial des accessoires de mode: 619,8 milliards de dollars en 2023

Genre	Part de marché	Achat de montre moyen
Mâle	58%	$750-$1,500
Femelle	42%	$450-$1,200

Marché de milieu de gamme à premium

Valeur du segment de marché: 45,3 milliards de dollars dans le monde en 2023

• Prix: 300 $ - 3 000 $
• Préférence des consommateurs: conception et réputation de la marque
• Fréquence d'achat: 1-2 montres par an

Clients internationaux mondiaux

Distribution internationale du marché des montres

Région	Part de marché	Taux de croissance
Amérique du Nord	35%	4.2%
Europe	28%	3.7%
Asie-Pacifique	27%	5.6%
Reste du monde	10%	2.9%

Movado Group, Inc. (MOV) - Modèle d'entreprise: Structure des coûts

Conception et développement des produits

Pour l'exercice 2023, le groupe Movado a déclaré des dépenses de R&D de 19,4 millions de dollars, ce qui représente environ 2,7% du total des ventes nettes.

Catégorie de dépenses	Montant ($)	Pourcentage de ventes
Coûts de conception des produits	14,200,000	2.0%
Développement de prototypes	5,200,000	0.7%

Fabrication et production

Les coûts de fabrication totaux pour le groupe Movado en 2023 étaient de 215,6 millions de dollars, avec la ventilation suivante:

• Coûts de matières premières: 128,3 millions de dollars
• Coûts de main-d'œuvre directes: 42,7 millions de dollars
• Fabrication des frais généraux: 44,6 millions de dollars

Emplacement de fabrication	Volume de production	Coût par unité
Suisse	125 000 unités	$172
Hong Kong	250 000 unités	$98

Marketing et publicité

Les dépenses de marketing pour l'exercice 2023 ont totalisé 87,3 millions de dollars, ce qui représente 12,3% des ventes nettes.

• Marketing numérique: 26,2 millions de dollars
• Publicité traditionnelle: 38,5 millions de dollars
• Salon du commerce et marketing d'événements: 22,6 millions de dollars

Distribution et logistique

Les coûts de distribution pour 2023 étaient de 62,9 millions de dollars, avec la répartition suivante:

Canal de distribution	Dépenses ($)	Pourcentage des coûts de distribution
Magasins de détail	28,300,000	45%
Commerce électronique	18,900,000	30%
De gros	15,700,000	25%

Frais opérationnels et administratifs

Les dépenses administratives de l'exercice 2023 s'élevaient à 95,6 millions de dollars.

• Rémunération des cadres: 22,3 millions de dollars
• Infrastructure d'entreprise: 38,7 millions de dollars
• Technologie et systèmes: 34,6 millions de dollars

Type de dépenses	Montant ($)	Pourcentage du total des coûts administratifs
Personnel	52,400,000	54.8%
Installations	23,100,000	24.2%
Technologie	20,100,000	21%

Movado Group, Inc. (MOV) - Modèle commercial: Strots de revenus

Ventes directes aux consommateurs

Les ventes directes à consommation directe du groupe Movado pour l'exercice 2023 ont totalisé 279,2 millions de dollars, ce qui représente 39,7% du total des ventes nettes.

Distribution de montres en gros

Les revenus en gros de l'exercice 2023 ont atteint 424,1 millions de dollars, représentant 60,3% du total des ventes nettes.

Canal de vente	Revenus ($ m)	Pourcentage
Direct à consommateur	279.2	39.7%
De gros	424.1	60.3%

Revenus de la plate-forme de commerce électronique

Les ventes de commerce électronique au cours de l'exercice 2023 ont contribué 87,6 millions de dollars aux revenus totaux.

Ventes du marché international

Les ventes internationales pour l'exercice 2023 étaient de 192,5 millions de dollars, ce qui représente 27,4% du total des ventes nettes.

Région géographique	Ventes ($ m)	Pourcentage
États-Unis	511.8	72.6%
Marchés internationaux	192.5	27.4%

Licence et partenariats de marque

Les revenus de licence pour l'exercice 2023 s'élevaient à 18,3 millions de dollars.

• Les partenariats de marque incluent Coach, Tommy Hilfiger et Lacoste
• Les accords de licence génèrent des sources de revenus supplémentaires

Ventes nettes totales du groupe Movado au cours de l'exercice 2023: 703,9 millions de dollars

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.