Movado Group designs, sources, markets, and distributes watches globally across two types of brands: owned brands (Movado, Concord, EBEL, MVMT, and Olivia Burton) and licensed brands (Coach, Tommy Hilfiger, Hugo Boss, Lacoste, Calvin Klein, and Kate Spade starting 2027). Movado Group does not manufacture — it buys finished watches and components from third-party suppliers in Switzerland and Asia, then sells through wholesale and direct-to-consumer channels at roughly 54% gross margins. The US accounts for roughly 40–43% of net sales, with the rest coming from international markets including Europe, Latin America, and the Middle East. Movado Group sells through department stores, jewelry chains, independent jewelers, and third-party e-commerce platforms, and also operates 57 outlet stores and brand-specific websites. The licensed brand model lets Movado Group leverage established fashion house equity — paying royalties in exchange for exclusive global rights to design and sell watches under those names — without owning the underlying brand. Licensed brands have been growing faster than owned brands, driven by Gen Z demand for fashion watches. Profitability is driven by brand and channel mix, with owned brands and direct-to-consumer sales carrying higher margins than licensed brands and wholesale. Marketing runs at roughly 19–22% of net sales, and FX (particularly USD/CHF and USD/EUR) and tariffs on Swiss and Asian imports are meaningful cost variables. Movado Group carries no debt and holds roughly $184–208M in cash.