MVMT Watches
 | |
| Type of business | Watches |
|---|---|
| Founded | June 2013 |
| Headquarters | 5454 Beethoven Street, Los Angeles, California[1] |
| Owner | Movado |
| URL | www |
MVMT Watches Inc.[1] (or simply MVMT) is a Los Angeles-based watch company that sells quartz watches,[2] as well as sunglasses and accessories.[1] The company was founded in June 2013 and was acquired by Movado in August 2018.
The current Chief executive officer of MVMT is co-founder Jake Kassan.[3]
Etymology
The word "MVMT" is a play-on-words, denoting both the movement of time and people, as well as the movement component of a watch.[4]
History
MVMT was co-founded in June 2013 by college dropouts Jake Kassan and Kramer LaPlante. They successfully raised more than $290,000 through two crowdfunding campaigns on Indiegogo.[5][6][7]
MVMT started selling sunglasses in 2016[5] and was acquired by Movado in August 2018 for over $100 million, possibly reaching $200m depending on performance.[7]
Userbase and sales
According to MVMT, in 2017, 88% of their users were under 34 years old and 45% were under 24.[8]
By December 2016, the company had sold over 600,000 watches[5] and was estimated to have sold over 1 million watches by September 2018.[4]
References
- ^ a b c "Company Overview of MVMT Watches Inc". Bloomberg L.P. Retrieved 2019-04-01.
- ^ Biggs, John (2018-08-17). "Movado Group acquires watch startup MVMT". TechCrunch. Retrieved 2019-04-01.
- ^ "Our Story - Our Mission - Our Community". MVMT. Retrieved 2019-04-02.
- ^ a b Emmer, Marc (2018-09-10). "The 7 Strategies That Helped These 2 College Dropouts Build a $100 Million Millennial Brand". Inc.com. Retrieved 2019-04-02.
- ^ a b c Clifford, Catherine (2016-12-02). "How two 25-year-old college dropouts built a watch company that made $60 million this year". CNBC. Retrieved 2019-04-01.
- ^ "How MVMT is Disrupting the $60b Watch Industry". MVMT. Retrieved 2019-04-01.
- ^ a b Bates, Rob (2018-08-16). "Movado to Pay More Than $100 Million for MVMT". JCK. Retrieved 2019-04-01.
- ^ Williams, Alex (2017-10-30). "A Watch Brand by and for Millennials". The New York Times. ISSN 0362-4331. Retrieved 2019-04-01.