Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Movado Group Posts $23M Loss in 4Q

13 april 2009

Movado Group fell to a deficit in the fourth quarter ending January 31, 2009 as the weak economic environment had a deep effect on sales for the luxury distributor, RAPAPORT reported.
"We are operating in the most challenging economic environment that I have seen in my 30 years in the watch industry,” said Movado chief executive officer Efraim Grinberg. “Fiscal 2009 was extremely difficult as we experienced the dual impact on our business of weak consumer spending and increasingly aggressive curtailment of retailers' replenishment orders, particularly in January, which resulted in our recording a loss for the fourth quarter.”
Group sales declined 32 percent to $93.97 million for the quarter, Movado reported. The company posted a net loss of $22.8 million, compared to net income of $19.6 million a year earlier. For the fiscal year, sales fell 18 percent to $460.86 million, and net income dropped 96 percent to $2.32 million.
Grinberg said he expects lower sales in first half of fiscal 2010 as the company’s retail customers continue to focus on lowering their inventory levels. He forecast an improvement in the second half “as retailers start to replenish inventory in preparation for the holiday selling season.” Movado estimated it would be slightly profitable in fiscal 2010.
Movado Group designs, sources, and distributes Movado, Ebel, Concord, ESQ, Coach, Tommy Hilfiger, HUGO BOSS, Juicy Couture and LACOSTE watches worldwide, and operates Movado boutiques and company stores in the United States.