Swiss luxury watch maker strikes deal with Ferrari for timepiece collection

Ferrari merchandisers have high standards to live up to. Thus when Ferrari revealed a partnership with a Swiss watchmaker, it raised some eyebrows within the industry. Girard-Perregaux held the license for many years, followed by Panerai, Cabestan and Hublot.

Now, the torch has been passed on to Movado whom have signed a multi-year licencing agreement with Ferrari to produce and market a collection of watches under the Ferrari and Scuderia brand names. Though Movado caters to the luxury watch market, it isn’t on similar level as Panerai.

The Collaboration should make consumers like myself happy as the collection is much more affordable. For comparisons the Ferrari Officine Panerai Watch Collection, retailed for a base price of £8,900 up to price tag of £28,300 (S$17,900-S$56,800). The Scuderia Ferrari Movado collection will be available at Ferrari stores, online shops, and select wholesale distribution outlets.

Efraim Grinberg, Chairman and Chief Executive Officer of Movado is pleased with the new agreement and believes it to be a mutually rewarding venture for both companies. He also explained the collection to be inspired by Ferrari’s cars and motorsport legacy besides featuring compelling, identifiable designs combined with the high quality craftsmanship that Movado is known for.

Ferrari chairman Luca di Montezemolo looks forward to benefitting from Movado’s expertise in design, development and distribution. He also commented the agreement to be a perfect complement to the branded watch business in an already innovative and highly competitive segment. The primary watches from the collection are expected to make its debut at the 2013 Annual Watch & Jewellery Fair in Basel, Switzerland.

Besides creating elegant and simply styled timepieces, Movado also makes watches under well-known labels like the Ebel, Concord, Tommy Hilfiger, Hugo Boss, and Lacoste, and will now be adding Ferrari to its roster of brands.