Connect with us

Headlines

Fashion Watch and Jewelry Brand Acquired for $77M

mm

Published

on

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.”

Advertisement

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.

Advertisement

SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

Promoted Headlines

Most Popular