Movado Group has acquired JLB Brands, owner of the Olivia Burton brand, for 60 million pounds (approximately $77.5 million), bringing the watch company for the first time into the fashion jewelry category.
London-based Olivia Burton was founded in 2011. It began selling watches in 2012 and added jewelry in 2016. It is primarily a U.K. brand, but recently began selling in the United States in Nordstrom.
For the latest fiscal year ended March 31, 2017, JLB Brands’ revenue increased 64 percent to approximately 15 million pounds ($19 million). For the coming year, it expects to grow 25 million pounds ($32 million).
The company will continue to be run by cofounders Lesa Bennett and Jemma Fennings (pictured below). Movado intends to retain the brand’s team in London.
Movado Group’s chairman and CEO Efraim Grinberg said in a statement: “While at accessible price points, [the brand’s cofounders] have kept the brand extremely creative, innovative, and aspirational. They’ve also been building a very strong e-commerce business in the U.K., which we believe has great potential for global expansion.…Olivia Burton’s success…prove[s] that beautifully designed watches and jewelry can continue to excite today’s consumer.”
(Images courtesy of the Movado Group)
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