NEW YORK — Steven Cohen has been named president of Ebel Americas, succeeding Randi Shiske, who left the firm this month.
Cohen, 50, will report to Thomas van der Kallen, president of Ebel, a fine watch brand for women and men. He was most recently president of the Canadian division of Movado Group Inc., Ebel’s parent company. Cohen joined Movado in 1991 as a sales representative for the Concord brand.
Efraim Grinberg, Movado president and chief executive officer, said during the company’s conference call Wednesday: “Throughout the year we will intensify our advertising and marketing initiatives, as we reestablish Ebel to its premier luxury status in the global marketplace and begin to bring the business to an appropriate level of profitability.
“I think we expect to have healthy growth in Ebel. It will be slightly better than the brand average and the company average really, because most of the new product will be delivered in the back half of the year. But we believe that this has fantastic long-term growth opportunities for the company, and this has proven to be an excellent acquisition for us, as well, from the financial perspective.”
Ebel was acquired from LVMH Moët Hennessy Louis Vuitton in December 2003. Movado reported Wednesday that Ebel had sales for the fourth quarter ended Jan. 31 of $17.3 million and was “slightly accretive” to earnings. Ebel had sales for the year of $45.4 million and was dilutive to full year earnings by $0.11 per share, the company said.
In addition to the Ebel brand, Movado designs, manufactures and distributes watches under the Coach, Tommy Hilfiger, Concord, ESQ and Hugo Boss labels worldwide.
This story first appeared in the March 25, 2005 issue of WWD. Subscribe Today.