Movado President Quintero to step down amidst workforce reduction
Movado on Tuesday announced that President Ricardo Quintero will step down from the company, as part of the company streamlining its organization.
The company announced in March that it is reducing its workforce in North America and Switzerland for better global alignment and infrastructure. The streamlining is expected to save $12 million for the company in fiscal 2018.
Quintero joined the company in 2014 and was instrumental in the growth of the company’s international business. Prior to Movado, he served as SVP and Global General Manager of Market Development for Clinique. Quintero will remain with Movado through April 30, 2017 to ensure a smooth transition, and members of the senior management team will assume his responsibilities.
He commented on his departure: "I am proud of all that we have accomplished at Movado Group during a difficult period for the watch industry and I would like to thank our talented team and global partners for their efforts. I have great confidence in Movado Group’s portfolio of brands, strategic direction and people, and I believe the Company has many exciting opportunities for the future."
In addition to the announcement, Movado reaffirmed its fiscal 2018 outlook that was described as a “conservative view.” The company anticipates the retail environment to remain difficult due to the shift from brick-and-mortar to e-commerce and the increasingly competitive watch market.
The watch distributor expects fiscal 2018 net sales to range from $515.0 million to $530.0 million and net income to range from $33.0 million to $36.3 million.
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