Movado Weighs ‘Pricing Initiatives’ Amid Tariffs on Watches
Movado Group downgraded its forecast in virtually all metrics for fiscal year 2020 ending Jan. 31, blaming market volatility it sees worsening with the 15 percent List 4A Section 301 tariffs taking effect Sept. 1 on fashion watches and smartwatches…
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imported from China. It's “very early on in the process” to forecast with any precision the impact of the List 4A tariffs taking effect in a few days, CEO Efraim Grinberg said on a fiscal Q2 call. The tariffs will “definitely have an impact, I believe, on U.S. business,” he said. “We will take certain actions in terms of pricing initiatives, in terms of working with our suppliers,” to mitigate the fallout, he said. “Some will have an effect to gross profits.”