Movado Group - Changes for Future
WORLDTEMPUS - 20 March 2010
With a host of luxury and fashion brands under its umbrella, the Movado Group Inc. is poised for growth in its markets and intent on forming ber brand partnerships with its retailers. Mother company to Movado, Concord, Ebel, ESQ, Tommy Hilfiger, Coach, and Hugo Boss, the Movado Group is predominantly positioned in the luxury market where it currently focuses the majority of its attention. The group has now announced upper management restructuring in its efforts to gain more synergy from the brands.
Most recently, it was announced that Loek Oprinsen would manage both Ebel and Concord on a worldwide basis and that Marc Michel-Amadry would oversee product development and strategic marketing worldwide for both brands as co-presidents. Alex Grinberg heads up both brands for the North American markets. Some distributors and retailers question whether this work load may be too optimistic.
"For many years we have effectively managed our Movado and ESQ by Movado brands under one management team," says Efraim Grinberg, chairman, president and CEO of Movado Group Inc. "There are many efficiencies as these brands have very similar distribution channels. We decided to take the same approach with our higher-end luxury brands, Concord and Ebel. Loek Oprinsen will be managing the brands on a worldwide basis, utilizing appropriate strategic initiatives to address each brand's individual needs and objectives. Marc Michel-Amadry will oversee product development, strategic marketing and public relations for both brands, as the synergies of these disciplines will be of benefit to the current structure, while at the same time maintaining each brand's unique DNA."
Efraim Grinberg is taking over as CEO of the Movado brand, and he admits he looks forward to the opportunity to get really involved in the business. When Grinberg first joined the company in 1980 it was a family business founded by his father, Gedalio Grinberg, then known as North American Watch Corporation. Efraim started as a stock boy, later moving up to sales and on up the ladder until he proved his own business acumen and was appointed president of the company in 1990. In a sense, he grew up with the Movado brand and has been driving its growth since his youth. North American Watch Corporation became publicly traded on the stock exchange and officially became the Movado Group in 1993.
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