Millennial-focused watch brand MVMT Watches Inc. has officially been acquired by the illustrious Movado Group. The former company was started by Southern California natives Jacob Kassan and Kramer LaPlante, who are now in their mid-20s. Both Kassan and LaPlante dropped out of college and decided to start their own business with proceeds from successfully funded IndieGoGo campaigns. The total of the crowdfunds amounted to around $300,000.
These days, MVMT watches are sold at well-known stores such as Nordstrom and Bloomingdales, as well as on their online store MVMTWatches.com. Recent numbers from Movado have revealed that the company's sales reached $71 million last year alone.
Movado's acquisition of this company will allow them to focus on a younger market, as MVMT has created a robust online presence that Movado group wishes to expand upon themselves. Movado announced its plans for acquisition of MVMT Watches Inc. back in August of 2018. The watch giant has been snatching up millennial-focused companies left and right, including the U.K. company, Olivia Barton.