The Movado Group has announced that it will be adding funding to its advertising branches, particularly in some of the wealthier Middle Eastern countries where Movado noticed a substantial decline in sales. The company said that while sales are back on the ascent, it is taking its own initiative to bring watches back into the spotlight.
Swiss watch sales went down some 22 per cent, and Movado’s slowdown was as high as 35 per cent. It is those regions with the higher drop rates that the company is now targeting with their positive advertising campaign.
Efraim Grinberg, the Chief Executive of Movado Group said that he believes these places are potential growth markets and now that the economy is beginning to heal, people are able to make room for spending on the watches they love.
Movado Group is the manufacturer and distributer of the exclusive watch brands Movado, Ebel and Concord, each with its distinct characteristics.
Mr. Grinberg said that the average spender has lowered their budget considerably, he feels that with new designs and sleeker products to encourage buyers to go for the quality stuff.
Movado, which means “always in motion” in the constructed international auxiliary language of Esperanto, has been a leading brand since its inception in 1881, and has been known for its design innovation and artistry.
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