Movado’s Q3 Profit Increases as Lacoste and Tommy Hilfiger Licenses Show Gains
Movado’s net income rose 55% to $26.9 million in Q3 ended Oct. 31, due partly to double-digit percentage increases in sales of Lacoste and Tommy Hilfiger watches, the company said in releasing Q3 earnings.
Sales of watches and accessories rose 10.4% to $189.4 million, with U.S. revenue jumping 11.5% to $75 million and international sales up 8.9% to $114.3 million on strong sales in Europe and Asia.
“We are seeing growth in licensed brands in the U.S. and we think that is going to continue and represents a nice opportunity for us,” Movado Efraim Grinberg said.
In its licensing business, Movado extended agreements for the Ferrari and Hugo Boss brands through 2022 and 2023, respectively. Movado has had pacts for Ferrari and Hugo Boss since 2012 and 2004, respectively. A licensing pact for Authentic Brand Group’s Juicy Couture expired.
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