The Watch World Is No Stranger to Acquisitions
The Movado-Zenith El Primero Chronograph featuring the El Primero 3019 PHC movement
If you, like myself, have seen a ‘Movado with a Zenith movement’ advertised here or there, or perhaps a ‘Movado Zenith’ branded vintage watch, and had a million questions, then you might find some answers in here. I have always been curious about the relationship between Zenith, Movado, and Mondia – or the Mondia-Zenith-Movado Holding company. And their connection is really quite simple.
The watch world is no stranger to acquisitions, the industry is a beautiful mix of independents, conglomerates, and even some ‘startups’ that pretend they aren’t funded by said conglomerates. Zenith, for example, collaborated with Martel for a long time before acquiring them around 1960. Martel was an ébauche that produced chronographs in particular, so the move made sense. It is also speculated that this union is what led to Zenith having the capabilities to develop the El Primero in the first place!
The development of the El Primero started off in the late 1960s (1967), so in 1969 when the merger between Mondia, Zenith, and Movado was done, it was Movado who benefited from being able to use the Zenith Caliber 3019 (although Zenith was the majority in this new partnership). On the other hand, Zenith was also allowed to use Movado movements and the famous Movado Museum Watch design (which was actually designer Nathan Horwitt’s). Many cite that this was due to Movado struggling during the quartz crisis, which is impossible since it had barely begun. I think there was rather an opportunity for all of the brands to benefit from each other’s production and brand name. If anything, it may have anticipated the challenge to come as a result of the Quartz Attack.
Movado Datron ‘Sub Sea’ featuring the Zenith El Primero Cal. 3019 / Credit: Hodinkee
At the time, Zenith had trouble selling their timepieces in America, particularly the new El Primero movement, due to trademark disputes with Zenith Radio Corporation. So, they used Movado to sell their timepieces under the Movado brand name, with both names sometimes appearing on the dial. This was, of course, rectified when Zenith Radio Corporation acquired shares of our Zenith in 1971. We almost lost Zenith under the Zenith Radio Corporation, as the Americans had acquired the Swiss company with the intention of refocusing its production on quartz movements, since they thought the Quartz Attack spelled imminent demise for the mechanical watch sector. Zenith was saved when the group was acquired by the owners of Ebel, Dixi, in 1978 and went back into Swiss hands. Moreover, Charles Vermont, a former Zenith employee, is credited with storing and cataloguing all things necessary for restarting production of the El Primero movement.
In the background, North American Watch Corporation (NAWC) had been founded by Gedalio Grinberg in 1965 to distribute brands like Piaget in the United States. This group would acquire Movado in 1983, changing its name to the Movado Group. Zenith would remain in the hands of the Dixi group until it was acquired by LVMH in 1999, Ebel also became part of LVMH then. Mondia was part of the Dixi group but largely overshadowed by Movado and Zenith. The brand was, however, bought by Sordi S.p.A. in 1990, who continues to distribute Mondia to this day. Finally, in 2004, Movado Group reunited with Ebel when it acquired the company.
So today, we have Zenith owned by LVMH, Movado owned by the Movado Group (along with Ebel), and Mondia owned by Sordi S.p.A. Tomorrow, who knows what the fate of these brands will be.
By: Andres Ibarguen