The Hugo Boss watch license was previously held by Tempus. The agreement with MGI Luxury Group SA, a Swiss subsidiary of Movado Group, goes into effect March 21, when MGI will take charge of the worldwide distribution of the existing Boss watch collections.
The launch of a collection of Boss Man and Woman watches, to be designed, produced and marketed by MGI, is planned for the Baselworld watch show in Basel, Switzerland in spring 2006. Financial terms of the agreement were not disclosed.
“We think it represents a great opportunity for the company,” said Efraim Grinberg, president and chief executive officer of Movado Group. “[Hugo Boss] sits at the high end of the fashion category...it’s very contemporary, modern and clean.”
Movado Group designs, manufactures and distributes Movado, Ebel, Concord, ESQ, Coach and Tommy Hilfiger watches worldwide. It also operates Movado boutiques and company stores in the U.S.
Grinberg explained that Boss seemed particularly appealing because it is a global brand with a strong presence in Europe, North America and the Far East.
“We are very selective in the licenses that we do,” Grinberg explained. “We only have Coach and Tommy Hilfiger, and now Hugo Boss. We are looking for long-terms brands, not just fads.”
The group said the Boss watch collections will be sold through select wholesale distribution outlets in Europe, the U.S. and Asia, as well as in Hugo Boss stores.