In a bold move to further expand its reach in the world of fashion jewelry and watches, Movado Group Inc. has acquired JLB Brands, Ltd., the owner of the UK-based Olivia Burton brand, one of the fastest growing fashion watch and jewelry brands from England. Movado Group paid approximately £60.0 million GBP.
Olivia Burton designs incorporate fashion and vintage trend inspirations into its accessibly priced collections geared to the millennial consumer. The purchase of the brand gives Movado Group a more global portfolio, expands space in its existing distribution network, and grows its global e-commerce penetration.
Olivia Burton will continue to operate under the leadership of Lesa Bennett and Jemma Fennings, its founders, who will report to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group. “While at accessible price points, they have kept the brand extremely creative, innovative and aspirational,” says Grinberg. “With this acquisition, we not only reaffirm our commitment to the watch category, but also expand our presence into fashion jewelry.”