Movado & Concord plan for growth

April 2003

In the unusual setting of a small farm in the Canton of Vaud, Switzerland, a team from Movado and Concord, accompanied by distant bleating and neighing, offered an insight into the company's current activities and introduced some of the new models that will be unveiled at this year's Basel Fair.

The Movado Group Inc. (MGI) consists of Concord, Movado, ESQ, Coach and Tommy Hilfiger watch brands. The Group's top of the range brand is Concord with watches retailing at anywhere from US$ 1,000 to 9,999 for the 'luxury' selection and US$ 10,000 to 2 million for its 'exclusive' range. Concord produce around 35,000 watches a year.
Movado, classified as the MGI's Premium brand, sells at prices between US$ 500 and 999. The Group's mid-range brand has a production of around half a million watches a year.

MGI is based in New Jersey, USA and presided over by Efraim Grinberg. However, both Concord and Movado have lengthy histories, are established in Bienne, Switzerland, and can be found in 11,000 points of sale in more than 60 countries. The Group has 150 employees in Switzerland, 10 of whom are watchmakers. 30% of Concord's watch production is assembled internally and Movado, with its much larger production figures, still only manages to assemble 10% of its watches in-house, the rest being assembled by outside specialists.
Given today's difficult economic situation the Group anticipate an 8-10% growth over the next 5 years, with profits in the range of 10-15% for the same period. Last year (2002) the Group's sales was US$ 299.7 million (-6.6% of 2001) but the 2003 outlook is estimated at offering a mid-single digit revenue growth.

What's new?
Chez Concord, there are several new Saratoga models that will be introduced at Basel. For the ladies, there is the Saratoga Cadran Fantaisie collection with its mother-of-pearl dials and diamonds and the Coloured Bracelets models that, as the name suggests, offers a colourful selection of leather straps to accompany the diamond set watches. The Saratoga Big Date men's watch, with its instantly recognizable octagonal form, is offered in white or rose-coloured gold and comes with an automatic movement.

At Movado, the Museum Watch has been given a trendy look with the addition of the Halo model. The halo of the title is achieved by the addition of a section of brushed stainless steel or gold placed beneath the bezel to give the watch its elliptical appearance. The Elliptica collection, which was introduced at the 2001 Basel Fair, has two new editions. The first is the Elliptica Round Chronograph, a watch that has a sculpted appearance and has push buttons at 11 and 1 o'clock and a crown at 12 o'clock. The Elliptica Reserve de Marche follows much the same form but is equipped with an automatic Jaquet movement with a 40-hour power reserve.

In addition to the watches shown here, both Movado and Concord have further additions to their collections - but to see them, for the moment at least, you'll have to pay a visit to their stand where they will be unveiled on April 3 2003.