UK fashion brand Olivia Burton has revealed it still has big plans for its jewellery line, following the announcement that the brand has been sold to American watchmaker Movado in a cash deal worth £60m.
While Movado Group is known for designing, manufacturing and distributing watches, in an exclusive interview with Professional Jeweller’s sister publication WatchPro, Movado chief executive officer, Efraim Grinberg and Olivia Burton co-founders, Lesa Bennett and Jemma Fennings, revealed that the takeover means big things for the brand as a whole, not just its watch offering.
“We are focusing on the watches and jewellery that we have at the moment and turning that into a global brand,” reveals Jemma Fennings to WatchPro editor Rob Corder. “That is our short term focus for the next couple of years. We have got a long way to go internationally. We have still got lots of opportunity there.”
For the long term, Movado CEO Grinberg reveals he can see Olivia Burton becoming a lifestyle brand, with no plans to revert it back to its roots as a British watch brand.
“In my mind, Olivia Burton is the only brand out there that is truly different,” shares Grinberg on why he acquired the brand. “It has a true DNA and a true identity that is expandable into a lifestyle brand. It is almost a collectible, which makes it really special.”
Follwing the takeover, Olivia Burton will continue to operate under the leadership of Lesa Bennett and Jemma Fennings, who will report to Efraim Grinberg, chairman and CEO of Movado Group. Olivia Burton currently employs 33 staff at its head office in Shoreditch, London, all of whom Movado has indicated it intends to retain.
Read the full interview with Movado Group CEO Efraim Grinberg along with Olivia Burton co-founders Lesa Bennett and Jemma Fennings in the August edition of WatchPro.