Movado Group

Movado Group Biography

Movado, meaning always in motion in the international language of Esperanto, is a Swiss luxury watch company founded by Achilles Ditesheim in 1881. Achille Diteheim was born in Alsace, France and at the age of 19 went out on his own, hired 6 watchmakers and opened a workshop in La Chaux-de-Fonds, Switzerland. With a talent for watches and strong mindset he built his brand. Movado would go on to earn almost 100 patents and 200 awards in its first 100 years. In 1890, Achelles two brothers Leopold and Isidore joined the company; it now became LAI Ditesheim. In 1900 LAI Ditesheim won a silver medal at the Paris Universal Exhibition. The brothers now concentrated on modernizing production methods and improving technical expertise. In 1902 another brother Isacc Diteheim injected capital into the company and a new factory was built with the most modern machinery. 1905 was a crucial turning point for the company; this was the year Movado was chosen as the brand name along with the hand symbol. They also won the first gold medal in the Universal Exhibition in Leigo. From this point forward Movado really gained momentum. The brothers were just as concerned with artistic design, as with technical excellence. The following years Movado would attain the following milestones: 1912 Polyplan wristwatch, a curved case to fit the contours of the wrist. 1926 Ermeto, watch that allows it to wind itself and be protected from shocks, temperature and pressure variations. 1947 the creation of the famous museum watch face design by Nathan George Horwitt. In 1961 Movado acquired the design of the museum watch and began manufacturing it in 1988.

The company was purchased by watch baron Gedalio Grinberg of New York in 1983. He was born in Cuba in 1931 and began his career selling watches in Cuba in the 1950’s. Knowing all too well the limitations of the communist government of Fidel Castro, Grinberg, immigrated to The US in the 1960’s. A year later in 1961, Grinberg established the North American Watch Company, at that time the exclusive distributor for Piaget watches in America. With his keen marketing ability Grinberg established Piaget as a prominent status symbol. This paved the way for other brands that would follow. In 1969, he acquired Concord and fourteen years later in 1983 Movado. Under Grinberg’s tenure Movado experienced a great revival and became a world famous brand whose popularity extended well beyond the Museum watch. The Concord watch brand became an icon of the new emerging quartz movement during the 1970’s and 1980’s; an era where ultra thin electronic watches were in great demand. The Concord Delirium, would create a sensation as the world’s thinnest watch. The success of Grinberg’s North American Watch Company would develop considerable growth and in 1993 it went public. Three years later the company changed its name to Movado Group and currently they have achieved sales of over 500 million dollars a year. In 2004 they acquired the Ebel brand and since 2001, Movado Group produces the following brands under license LaCoste, Juicy Courture, Hugo Boss, Coach and Tommy Hilfiger. Gedalio Grinberg, founder of the Movado Group and an important figure in the US Luxury watch industry, passed away on Sunday, January 4, 2009, in New York City; born in September 26, 1931, he was 77 years old. A noted philanthropist dedicated to the arts and with a passion for modern art; Gedalio Grinberg had a fascinating life story. Today the company is listed on the stock exchange under the symbol "MOV" and is run by Gedalio’s son Efraim Grinberg, the current President and CEO of the company; Efraim has been with the company since 1980 and it’s Chief Executive Officer since 2001.