Movado Group has signed a worldwide license agreement to design, produce and market a collection of watches under the Ferrari and Scuderia Ferrari brand names.
This collection of Ferrari fan watches will be priced up to 1,500 euros and will be sold globally through select wholesale distribution outlets as well as Ferrari stores and the Ferrari online store.
Movado Group operates via a wholly-owned UK subsidiary for some of its brands, and via a joint venture with Steerwell for others. Steve Brydon, sales and marketing manager for the Morado Group Steerwell JV (MGS Distribution), made an early pitch for the Ferarri-branded watches to be distributed in the UK via his outpost of the Movado empire. “Ferarri is a fantastic brand, so I hope it comes our way,” he told Watchpro.
Efraim Grinberg, chairman and chief executive officer of Movado Group, promises to bring innovation and craftsmanship to the Ferrari watches that will launch at Baselworld in 2013. "We are extremely pleased to announce this new agreement. The Scuderia Ferrari watch collection will feature compelling, identifiable designs combined with the high quality craftsmanship that Movado Group is known for,” he promised.
“The Ferrari Formula 1 cars and Ferrari Road cars will provide great inspiration to our design group. We look forward to collaborating with them to design an innovative collection and to satisfy the requests of Ferrari enthusiasts around the world," added Grinberg.
Luca di Montezemolo, chairman of Ferrari, said the agreement is the perfect complement to the company’s branded watch business. “We look forward to benefitting from Movado’s expertise in design, development and distribution in order to reach our fans around the world," he concluded.