The US watch specialist Movado has negotiated the acquisition of JLB Brands Ltd., the business behind the Olivia Burton watch brand. JLB Brands was formed in 2011 and began to market Olovia Burton brand watches in 2012, adding a jewellery line in 2016, and achieving sales of around £15 million for the year to 31st March 2017. Founders Lesa Bennett and Jemma Fennings have achieved distribution via UK retailers including John Lewis, Beaverbrooks, and Selfridges. In the USA it sells via the 117 strong chain of Nordstrom stores.
The deal worth £60 million will see the JLB team continue to operate from its Shoreditch offices under its founders who will in turn report to the chairman and CEO of Movado, Efraim Grinberg.
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