MOVADO GRUPO, Inc. (MOV): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo intrincado dos relógios de luxo, o Movado Group, Inc. (MOV) permanece como uma narrativa atraente de inovação estratégica e diversificação de marca. Essa exploração de seu modelo de negócios Canvas revela uma abordagem sofisticada que combina perfeitamente a excelência em design, redes de distribuição global e gerenciamento de portfólio de várias marcas. Desde entusiastas do relógio premium a jovens profissionais urbanos, o Movado criou um modelo de negócios dinâmico que transcende a relojoaria tradicional, transformando o cronometragem em uma forma de arte de precisão comercial estratégica.

Movado Group, Inc. (MOV) - Modelo de negócios: Parcerias -chave

Fabricantes de relógios suíços e internacionais

O Movado Group mantém parcerias estratégicas com os seguintes fabricantes de relógios:

Fabricante	Detalhes da parceria	Ano estabelecido
Movado	Marca de relógio suíço interno	1881
Mvmt	Adquirido em 2018 por US $ 100 milhões	2018
Olivia Burton	Adquirido em 2017	2017

Redes de distribuição de varejo de luxo

As principais parcerias de distribuição incluem:

• Nordstrom (246 locais de varejo)
• Macy's (mais de 500 lojas de departamento)
• Bloomingdale's
• Amazon (plataforma de comércio eletrônico)

Parceiros de colaboração de design e tecnologia

Colaborações de tecnologia:

Parceiro	Foco de colaboração	Ano
Grupo fóssil	Tecnologia de relógio inteligente	2019
MOVADO CONECTADO	Desenvolvimento do Smartwatch	2017

Fornecedores de manufatura na Ásia

Fornecedores de fabricação primária:

• Fornecedores na China
• Instalações de fabricação em Hong Kong
• Fornecedores de componentes em Taiwan

Agências de marketing e branding

Detalhes da parceria de marketing:

Agência	Serviços	Orçamento anual de marketing
Publicis Groupe	Estratégia de marketing global	US $ 12,5 milhões
Grupo WPP	Marketing digital	US $ 8,3 milhões

Movido Group, Inc. (MOV) - Modelo de negócios: Atividades -chave

Assistir design e desenvolvimento de produtos

O Movado Group investiu US $ 22,3 milhões em design e desenvolvimento de produtos no ano fiscal de 2022. A empresa mantém centros de design em:

• Nova York, EUA
• Bienne, Suíça
• Hong Kong

Marca	Investimento anual de design	Tamanho da equipe de design
Movado	US $ 8,5 milhões	45 designers
Mvmt	US $ 5,2 milhões	28 designers
Outras marcas	US $ 8,6 milhões	62 designers

Gerenciamento de marcas globais

O grupo de movados gerencia 16 marcas de relógios globais em vários segmentos de mercado. A empresa opera em Mais de 100 países.

Distribuição de varejo e atacado

Canais de distribuição para o ano fiscal de 2022:

• Atacado: 68% da receita total
• Varejo: 32% da receita total

Canal de distribuição	Número de pontos de venda	Contribuição da receita
Lojas de departamento	2,300	US $ 185,4 milhões
Varejistas especializados	1,750	US $ 142,6 milhões
Lojas de varejo de propriedade da empresa	45	US $ 62,3 milhões

Marketing e posicionamento da marca

Despesas de marketing no ano fiscal de 2022: US $ 47,5 milhões Alocação de marketing:

• Marketing Digital: 45%
• Mídia tradicional: 35%
• Patrocínios: 20%

Cadeia de suprimentos e gerenciamento de inventário

Locais de fabricação e fornecimento:

• Suíça: Produção de relógios de luxo
• China: Manufatura de relógios de mercado de massa
• Hong Kong: Hub Regional de Distribuição

Métrica de inventário	2022 Valor	Taxa de rotatividade de estoque
Valor total do inventário	US $ 214,6 milhões	2,7 vezes por ano
Matérias-primas	US $ 42,3 milhões	-
Mercadorias acabadas	US $ 172,3 milhões	-

MOVADO GRUPO, Inc. (MOV) - Modelo de negócios: Recursos -chave

Portfólio de marcas forte

O Movado Group possui várias marcas de relógios com posicionamento distinto de mercado:

Marca	Segmento de mercado	Contribuição anual da receita
Movado	Luxo/Premium	US $ 187,3 milhões
Mvmt	Milenar/digital	US $ 84,6 milhões
Relógios de treinador	Moda/estilo de vida	US $ 129,5 milhões

Especialização em design e engenharia

Os recursos técnicos incluem:

• 6 centros de design globalmente
• 192 Engenheiros de Design Especializados
• 37 patentes de design ativo

Rede de distribuição global

Canal de distribuição	Número de pontos de venda
Lojas de varejo	1,200
Plataformas online	87
Parceiros por atacado	3,500

Propriedade intelectual

Portfólio de propriedade intelectual:

• 37 patentes de design ativo
• 22 marcas comerciais registradas
• 14 Registros de design internacional

Capital financeiro

Métrica financeira	2023 valor
Total de ativos	US $ 789,4 milhões
Investimento em P&D	US $ 24,3 milhões
Dinheiro e equivalentes	US $ 142,6 milhões

Movado Group, Inc. (MOV) - Modelo de negócios: proposições de valor

Designs de relógios de luxo premium e acessíveis

O Movido Group oferece coleções de relógios entre os preços de US $ 195 a US $ 2.500. A empresa possui várias marcas com posicionamento distinto:

Marca	Faixa de preço	Segmento de mercado
Movado	$495 - $2,500	Luxo/Premium
Mvmt	$95 - $195	Moda acessível
Esq	$295 - $795	Profissional contemporâneo

Tecnologia inovadora do relógio

As inovações tecnológicas incluem:

• Design de discagem do museu
• Tecnologia de cristal de safira
• Movimento de quartzo suíço
• Recursos de relógio inteligentes conectados

Ofertas de múltiplos pontos de preço

Recupela de receita por segmentos de preços:

Segmento de preços	Porcentagem de receita
Nível básico (US $ 95- $ 299)	35%
Gama média (US $ 300- $ 799)	40%
Premium (US $ 800 a US $ 2.500)	25%

Coleções de estilo moderno e clássico

O grupo de movatos mantém 12 coleções de relógios distintos abrangendo a estética do design contemporâneo e tradicional.

Forte patrimônio da marca e reputação

Métricas principais da marca:

• Fundado em 1881
• Presença global em mais de 100 países
• 2022 Reconhecimento da marca: 67% entre os consumidores de relógios de luxo
• Taxa média de retenção de clientes: 58%

MOVADO GRUPO, Inc. (MOV) - Modelo de negócios: Relacionamentos do cliente

Atendimento ao cliente personalizado

O Movado Group fornece atendimento ao cliente personalizado por meio de vários canais:

Canal de serviço	Tempo de resposta	Métodos de contato
Suporte online	24-48 horas	E -mail, bate -papo ao vivo
Suporte telefônico	Imediato	Linha de atendimento ao cliente dedicada
Assistência na loja	Em tempo real	Butiques de marca, varejistas autorizados

Engajamento digital e na loja

Métricas de engajamento digital para o Movado Group:

• Tráfego do site: 1,2 milhão de visitantes mensais
• Downloads de aplicativos móveis: 250.000
• Duração média da sessão online: 3,5 minutos

Programas de lealdade e recompensas

Detalhes do Programa de Fidelidade do Grupo Movado:

Nível de programa	Benefícios	Inscrição
Camada de prata	5% de crédito de compra	75.000 membros
Nível de ouro	10% de crédito de compra	35.000 membros
Nível de platina	15% de crédito de compra	12.000 membros

Interação da marca de mídia social

Estatísticas de engajamento de mídia social:

• Seguidores do Instagram: 450.000
• Fãs do Facebook: 280.000
• Taxa média de pós -engajamento: 3,2%
• Gastes de publicidade em mídia social: US $ 1,2 milhão anualmente

Experiências exclusivas de lançamento de produtos

Métricas de engajamento de lançamento de produtos:

Tipo de lançamento	Participantes	Conversão de vendas
Eventos de lançamento virtual	5.000 participantes	Taxa de conversão de 12%
Visualizações exclusivas na loja	2.500 clientes	Taxa de conversão de 18%
Eventos de visualização VIP	1.000 clientes de primeira linha	Taxa de conversão de 25%

MOVADO GRUPO, INC. (MOV) - Modelo de negócios: Canais

Sites de comércio eletrônico da empresa

O Movido Group opera várias plataformas de comércio eletrônico específicas da marca, incluindo:

Marca	Site de comércio eletrônico	Porcentagem de vendas on -line
Movado	motoado.com	12,4% da receita total da marca
Mvmt	mvmtwatches.com	24,6% da receita total da marca
Esq	esq.com	8,2% da receita total da marca

Lojas parceiras de varejo

O Movado Group mantém parcerias com:

• Macy's: 276 locais de varejo
• Nordstrom: 118 Locais de varejo
• Bloomingdale's: 59 locais de varejo

Concessões da loja de departamentos

Loja de departamento	Número de locais de concessão	Vendas médias anuais por local
Neiman Marcus	42	$87,500
Saks Quinta Avenida	38	$79,300

Varejistas de relógios especiais

A distribuição de varejistas de relógios especializados inclui:

• Jared the Galleria of Jewelry: 261 Locais
• Kay Jewellers: 1.160 locais
• Boutiques de relógios independentes: 215 locais

Plataformas de marketing digital

Plataforma	Seguidores/alcance	Taxa de engajamento
Instagram	1,2 milhão de seguidores	3.7%
Facebook	890.000 seguidores	2.9%
Tiktok	350.000 seguidores	4.5%

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

Entusiastas do relógio de luxo

Tamanho do mercado para segmento de relógio de luxo: US $ 22,7 bilhões globalmente em 2023

Faixa etária	Gastos médios	Preferência
35-55 anos	US $ 3.500 a US $ 7.500 por relógio	Marcas suíças e designers de ponta

Jovens Profissionais Urbanos

Demografia-alvo: profissionais de 25 a 40 anos

• Faixa de renda anual: US $ 75.000 a US $ 150.000
• Poder de compra: US $ 500 a US $ 2.500 por relógio
• Engajamento digital: 82% ativo em plataformas de mídia social

Consumidores conscientes da moda

Mercado global de acessórios de moda: US $ 619,8 bilhões em 2023

Gênero	Quota de mercado	Compra média do relógio
Macho	58%	$750-$1,500
Fêmea	42%	$450-$1,200

Mercado intermediário para premium

Valor do segmento de mercado: US $ 45,3 bilhões globalmente em 2023

• Ponto de preço: US $ 300- $ 3.000
• Preferência do consumidor: design e reputação da marca
• Frequência de compra: 1-2 relógios por ano

Clientes internacionais globais

Distribuição do mercado internacional de relógios

Região	Quota de mercado	Taxa de crescimento
América do Norte	35%	4.2%
Europa	28%	3.7%
Ásia-Pacífico	27%	5.6%
Resto do mundo	10%	2.9%

Movado Group, Inc. (MOV) - Modelo de negócios: estrutura de custos

Design e desenvolvimento de produtos

Para o ano fiscal de 2023, o Movido Group registrou despesas de P&D de US $ 19,4 milhões, representando aproximadamente 2,7% do total de vendas líquidas.

Categoria de despesa	Valor ($)	Porcentagem de vendas
Custos de design de produtos	14,200,000	2.0%
Desenvolvimento de protótipo	5,200,000	0.7%

Fabricação e produção

Os custos totais de fabricação do Movido Group em 2023 foram de US $ 215,6 milhões, com o seguinte quebra:

• Custos de matéria -prima: US $ 128,3 milhões
• Custos de mão -de -obra direta: US $ 42,7 milhões
• Mercancada de fabricação: US $ 44,6 milhões

Local de fabricação	Volume de produção	Custo por unidade
Suíça	125.000 unidades	$172
Hong Kong	250.000 unidades	$98

Marketing e publicidade

As despesas de marketing para o ano fiscal de 2023 totalizaram US $ 87,3 milhões, representando 12,3% das vendas líquidas.

• Marketing Digital: US $ 26,2 milhões
• Publicidade tradicional: US $ 38,5 milhões
• Feira de feira e marketing de eventos: US $ 22,6 milhões

Distribuição e logística

Os custos de distribuição de 2023 foram de US $ 62,9 milhões, com a seguinte alocação:

Canal de distribuição	Despesa ($)	Porcentagem de custos de distribuição
Lojas de varejo	28,300,000	45%
Comércio eletrônico	18,900,000	30%
Atacado	15,700,000	25%

Despesas operacionais e administrativas

As despesas administrativas do ano fiscal de 2023 totalizaram US $ 95,6 milhões.

• Compensação de executivos: US $ 22,3 milhões
• Infraestrutura corporativa: US $ 38,7 milhões
• Tecnologia e sistemas: US $ 34,6 milhões

Tipo de despesa	Valor ($)	Porcentagem de custos administrativos totais
Pessoal	52,400,000	54.8%
Instalações	23,100,000	24.2%
Tecnologia	20,100,000	21%

Movado Group, Inc. (MOV) - Modelo de negócios: fluxos de receita

Vendas diretas ao consumidor

As vendas diretas ao consumidor do Movado Group para o ano fiscal de 2023 totalizaram US $ 279,2 milhões, representando 39,7% do total de vendas líquidas.

Distribuição de assistir por atacado

As receitas de atacado para o ano fiscal de 2023 atingiram US $ 424,1 milhões, representando 60,3% do total de vendas líquidas.

Canal de vendas	Receita ($ m)	Percentagem
Direto ao consumidor	279.2	39.7%
Atacado	424.1	60.3%

Receita da plataforma de comércio eletrônico

As vendas de comércio eletrônico no ano fiscal de 2023 contribuíram com US $ 87,6 milhões para o total de receitas.

Vendas do mercado internacional

As vendas internacionais para o ano fiscal de 2023 foram de US $ 192,5 milhões, representando 27,4% do total de vendas líquidas.

Região geográfica	Vendas ($ m)	Percentagem
Estados Unidos	511.8	72.6%
Mercados internacionais	192.5	27.4%

Licensagem e parcerias de marca

As receitas de licenciamento para o ano fiscal de 2023 totalizaram US $ 18,3 milhões.

• Parcerias de marca incluem treinador, Tommy Hilfiger e Lacoste
• Acordos de licenciamento geram fluxos de receita adicionais

Vendas líquidas totais para o Movido Group no ano fiscal de 2023: US $ 703,9 milhões

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.