Movado to buy MVMT Watches

Movado Group Inc. MOV, -2.91% said late Wednesday that it plans to buy MVMT Watches Inc. Movado stock was flat in after-hours trading. Movado said that it will pay $100 million initially, and may pay future contingent payments of up to $100 million in the future. In 2017, MVMT logged revenue of roughly $71 million, the company said. "The acquisition of MVMT will provide us greater access to millennials and advances our Digital Center of Excellence initiative with the addition of a powerful brand managed by a successful team of highly creative, passionate and talented individuals," Movado Chief Executive Efraim Grinberg said in a statement. Movado stock closed down 2.9% to $50.10 as the S&P 500 index SPX, -0.76% ended regular trading down 0.8%.

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