The brand recently made a US foray.
PARAMUS, N.J. -- Movado Group Inc. has acquired United Kingdom-based JLB Brands Ltd., owner of fashion watch and jewelry brand Olivia Burton, for about 60 million British pounds (US $77.2 million).
The cash deal represents an expansion by Movado, a Paramus, NJ-based watchmaker, into fashion jewelry.
Olivia Burton is sold through John Lewis, Watchshop, Argento, Selfridges and Beaverbrooks in the UK and, since last year, through Nordstrom in the U.S. Olivia Burton launched in 2012.
The brand's designs "are inspired by both fashion and vintage trends for the millennial consumer at accessible price points, with new watch collections launched every two months," according to a press release.
Olivia Burton will continue to operate under founders Lesa Bennett and Jemma Fennings. They'll report to Efraim Grinberg, chairman and CEO of Movado (NYSE:MOV).
"I have much admired the spectacular job that Lesa and Jemma have done in building the Olivia Burton brand in the UK over the last few years and more recently with the beginning of its international expansion," Grinberg said. "While at accessible price points, they have kept the brand extremely creative, innovative and aspirational. They’ve also been building a very strong e-commerce business in the UK, which we believe has great potential for global expansion. With this acquisition, we not only reaffirm our commitment to the watch category, but also expand our presence into fashion jewelry."
Fennings said Movado "has the global scale and infrastructure required to support our vision for growth for the Olivia Burton brand."
"Movado Group shares our passion and relentless focus on innovation and this partnership will further strengthen the design of our watch and jewelry offerings and significantly increase our distribution around the world," she said.
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