Los Angeles – August 31, 2018 – Cooley advised MVMT on its definitive agreement to sell to Movado Group for an initial payment of approximately $100 million and two future contingent payments that combined could total up to an additional $100 million. Partner Nick Hobson led the Cooley team advising MVMT. The transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in October.
MVMT will continue to operate under the leadership of founders Jake Kassan and Kramer LaPlante, who are expected to retain their team in Los Angeles.
“As we looked at the future for MVMT, we felt Movado Group was the perfect fit to continue our growth,” said Kassan in a news release. “We share many of the same strategies as Movado Group, including a focus on unique design, product innovation and providing compelling value for the consumer, which aligns us on future plans for our brand and will create a smooth transition.”
“We are thrilled to join the Movado Group family,” added LaPlante. “We are eager to capitalize on the operating platform that Movado Group provides to allow MVMT to reach its full potential.”
MVMT, founded in 2013, has experienced significant growth with expansion into 160+ countries largely through a leading direct-to-consumer business model. MVMT products are designed for the millennial consumer with the goal of changing the way the customer thinks about fashion by delivering high-quality watches and accessories at an affordable price.
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