Movado Hails Retail Reaction to Debut of Its First Android Wear Smartwatch
Retail reaction has been “excellent” to Movado’s debut of its first Android Wear smartwatch, CEO Efraim Grinberg said on a Thursday earnings call. Movado previewed the smartwatch, called Movado Connect, at the Baselworld 2017 show in Switzerland in March and…
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plans to introduce it in Q3 (see 1703080045). Overall, the wearables category “is not really material to us” in terms of revenue contributions, though it will have “some effect” negatively on Movado’s gross margins because the margins there “are not as attractive” as they are in “traditional” watches, said Grinberg. Movado shares fell nearly 6 percent midday Friday before recovering to finish the day 3.4 percent lower at $21.40 after the company missed its revenue and earnings targets for Q1 ended April 30.