American watch company Movado Group has established a joint venture with premier luxury brand distributor Norbreeze Group to enhance its market position in Singapore and Malaysia.
The strategic partnership includes the management of marketing initiatives, sales operations, and distribution channels for Movado Group’s extensive brand portfolio.
Based in the US, Movado Group designs, sources, and globally distributes Movado, MVMT, Olivia Burton, Ebel, Concord, Calvin Klein, Coach, Tommy Hilfiger, Hugo Boss and Lacoste watches and to a lesser extent jewellery and other accessories, and operates Movado company stores in the US and Canada.
“The joint venture is a strategic alliance of two entities with shared values and complementary strengths,” Xavier Gauderlot, president of international at Movado Group, told Inside Retail.
“Movado brings its rich legacy of innovation, strong global brands and design excellence in the watch industry while Norbreeze Group has a deep understanding of the local market and a proven track record in retail distribution. Together we aim to strengthen our presence in the region offering consumers our world-renowned brands.”
The executive said the joint venture will strengthen Movado Group’s presence in the high-growth markets of Singapore and Malaysia and expand its brick-and-mortar and digital distribution as well as brand awareness and market penetration.
The strategic alliance coincides with a substantial expansion of Southeast Asia’s watch and jewellery sector, attributed to the region’s enhanced consumer purchasing power and increased tourism activity. Research company Statista estimates Southeast Asia’s watches and jewellery market to reach US$14.84 billion this year, with Singapore’s jewellery market recording a revenue of US$1.08 billion.
According to Research and Markets, Malaysia is projected to experience significant growth in its high-net-worth demographic, with an estimated increase of 320 individuals in this segment from 2022 to 2027, which will further drive the demand for premium accessories and fine jewellery.
Gauderlot said Norbreeze Group’s understanding of Southeast Asian consumers will help Movado Group craft culturally relevant and resonant brand narratives.
“Movado Group will introduce more product assortments across its brands that are attuned to local tastes – featuring smaller dials, shaped cases, and other regional preferences,” he said.
Founded in Singapore in 2004 by Anders Peter Juel Sauerberg and Anne Trads Juel Sauerberg, Norbreeze Group distributes, markets, and develops global lifestyle brands. Among its subsidiaries is Norbreeze Collective Asia, the exclusive distributor for Pandora in Indochina, and a joint venture with an American group and Danish watchmaker, August Berg.
The company manages more than 30 stores and partners with more than 300 retail outlets across Asia.
Gauderlot added while the joint venture’s short-term target is to achieve specific revenue milestones, the newly formed entity aims to take market leadership in the broader region and position itself as a benchmark for other successful international collaborations in the region.
“Our retail strategy focuses on securing the best partners and locations, with our primary communications happening in malls and at points of sale,” he said, adding there could be expansion plans for other markets beyond Singapore and Malaysia.
The joint venture’s formation comes a month after Norbreeze Group appointed Stig Maasbol as its new chairman, replacing Anders Peter Juel Sauerberg. Sauerberg remains the group CEO and chairman of Norbreeze’s subsidiary companies.
Further reading: How Norbreeze Group aims to conquer APAC’s growing accessible luxury market.
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