“In 2013, we started MVMT Watches to disrupt the overpriced and outdated models of the fashion industry.” These were the words of Joke Kassan and Kramer LaPlante, the co-founders of MVMT.
“Stylish, quality watches that didn't cost this month's rent" That's how you describe MVMT watches. MVMT is one of the best in the market. In this post, you learn why it's part of best-in-class watches and understand the story behind their success despite being in debt to the tune of $20k.
What is MVMT?
MVMT stands for Movement. In long form – movement watches.
What is the MVMT brand story?
Two zealous and business inclined college dropouts, Jake Kassan and Kramer LaPlante, founded MVMT.
Who would have believed that a 17-year-old would be so enthusiastic about starting a business like e-commerce? Well, Jake Kassan ignored the impossibilities, he was already experimenting with ways to make money at only 17 years old.
He created an e-commerce t-shirt business that brought in $10,000 per week. These t-shirts featured a microphone and lights. When the t-shirts sensed noise, they lit up. He was so committed that during the summer, Kassan would drive to Santa Monica and sell these t-shirts.
Kramer LaPlante was a master at crowdfunding, he was able to raise over $100,000 for a campaign to fund his wallet.
Despite the adventurous founding journey of LaPlante and Kassan, they were $20,000 in debt in their twenties when they founded MVMT in 2013.
"Growing up, Jake and I were always both entrepreneurial," LaPlante told Forbes. "We both always had a side hustle. We were always trying to make money any place we could."
What are MVMT's business model and strategy? And how did they grow?
What strategies did they use to grow? And how did they do it? Below, you’ll learn how they used crowdfunding, Facebook advertising, Twitter marketing, and influencer marketing to drive tons of sales and reputation.
In 2013, the entry-level watches were tagged at $200-$300 – these prices were expensive at that time for millennials. So Kassan and LaPlante decided to disrupt the industry by cutting out the middlemen and selling directly to consumers at a cheaper rate.
However, they had a hard time borrowing money from a bank. So Jake and Kramer turned to the only option available for scaling their business - crowdfunding.
With their first crowdfunding campaign, they amassed about $300k on Indiegogo with about 3000 backers.
The goal was to seek out crowdfunding companies that have good reputations, reasonable fees, and a high rate of return, and they did just that.
In the words of Jake Kassan:
“Crowdfunding through Indiegogo allowed us to retain 100% independence and build the company we wanted, without being beholden to people who might not share the same vision. Indiegogo made it all possible.”
They didn't stop at crowdfunding.
The team at MVMT invested deeply in Facebook advertising and content marketing consistently, they generated a ton of sales, and by2018, the brand was making $80M in sales annually.
Influencer marketing served as one of the bedrocks of MVMT marketing strategies. They used the influence of top creators in different industries to scale their sales.
They used GRIN, a platform that automates everything from influencer reach outs, to agreements, terms, image approvals, and even integrates with Shopify.
Soon, they received about 100k affiliate code conversions, 39k influencer content created and 7X'd their influencer channel.
Who manufactures MVMT?
The movement technology they use is the Japanese Miyota Quartz Movement. This technology is Japanese but manufactured in China for the MVMT watches.
Who acquired MVMT?
The Movado Group purchased the company in 2018. The Movado Group sells multiple brands, including Lacoste, Tommy Hilfiger, and Hugo Boss.
How much did Movado buy MVMT for?
Movado purchased the company for $100 million with two additional payments of $100 million each totaling $300 million.
How has MVMT succeeded?
From whooping figures to amazing partnerships, unarguably, MVMT's successes are numerous. They raised about $300k from crowdfunding with about 3,000 backers. Within 2018 the brand was making $80M in sales annually.
They made influencers create 39,000+ pieces of content on MVMT watches.
But the question is – how did they achieve all these results? Here’s how:
Step 1: Quality products.
“Great companies are built on great products” – Elon Musk.
Customers buy quality products no matter how high the price is. Quality demonstrates the value of your product and that's how MVMT scaled.
Step 2: An online presence.
There are three objectives you have as a business owner – to be seen, to be heard, and to be known.
The duo of Kassan and LaPlante checked these three boxes. They built consistently on different social platforms and used social proof to drive engagement. Not just that, they could leverage great brand content efficiently on different online stores.
Step 3: A focus on customer service.
Your customer first or nothing. How are you treating your customers? Are you providing quality delivery? Are you rewarding loyal customers and referrals? For MVMT, they maximized customer service, they used contests and voucher codes to please customers.
Step 4: A commitment to social responsibility.
MVMT collaborated with many creators in different niches to grow their revenue. Social responsibility (relationship building,) and networking should never be downplayed.
Step 5: A focus on innovation.
Stylish without breaking the bank! MVMT focused on innovating and disrupting the marketplace. That's how top businesses dominate.
Step 6: A focus on design.
Like Thomas Watson always said, “Good design is good business!”
MVMT maximized the power of quality design to create a blissful viewing experience for customers.
Step 7: A focus on value.
Value is the foundation of getting results in business. What difference are you bringing into the marketplace? What's your Unique Value Proposition and selling point? MVMT watches defined this and came up with “Stylish, quality watches that didn't cost this month's rent.”
What is MVMT's valuation?
Movado acquired MVMT for $300 million, that's a stunning figure to describe the high valuation of MVMT.
What is MVMT worth?
$300 million+.
Who owns MVMT?
Now owned by Movado, but the duo of Joke Kassan and Kramer LaPlante remain the CEO and COO respectively.
Who bought MVMT?
Was MVMT Watches on Shark Tank?
No! MVMT was never on in a Shark Tank episode. Daymond John of Shark Tank only featured the co-founders on his blog for exposure.
Where is MVMT based?
MVMT headquarters is at 5454 Beethoven Street, Los Angeles, California.
FAQs
What is MVMT?
MVMT! The buzz acronym for the day. Pronounced as “MOVEMENT.
How has MVMT been able to grow so quickly?
MVMT has been able to grow quickly through a consistent and efficient marketing strategy.
What is MVMT's competitive advantage?
MVMT's competitive advantage is luxury with affordability. They are different in the market.
Who are MVMT's main competitors?
Fossil, Vincero collective, World of Watches, Timex, and Miansai.
What are MVMT's most popular products?
Are MVMT watches any good? Well, feast your eyes on these stylish and classic watches with good specs.
- Chrono ceramic (45 mm)
- ARC AUTOMATIC (41 mm)
- Raptor (46.5 mm)
- Black Top II.
- Coronado Ceramic
- Nova watch
- Nova ceramic
- Coronado ceramic
- Reina Multi eye
- Signature square ceramic
What is MVMT's return policy?
Any new product can be returned for a full refund within 60 days of delivery. They offer free and easy returns for all domestic and international orders.
Is MVMT owned by Movado?
Yes!
Is MVMT a luxury brand?
MVMT is an affordable luxury brand.
Takeaway.
The story of Jake Kassan and Kramer LaPlante should inspire you to take actions that scale your business. If you can apply the growth models used by MVMT watches, there's no doubt you'd see results!
Building a successful business is hard and it doesn't mean you can't do it. We help people build million-dollar brands every single day inside The One Percent.
