The Movado Group is looking for an agency to handle creative duties on its luxury Concord line of watches, an account sources valued at about $8 million.
Movado has contacted 10 shops from New York to the Midwest through a blind questionnaire distributed by AAR North America here. A smaller group will be invited to present credentials and show creative work; a decision is expected by the end of next month. AAR declined comment.
The Lyndhurst, N.J.-based client wants an agency to create a global image for Concord, which has a Swiss heritage and ranges from $1,000 to $10,000 in price. It competes with the likes of Rolex and Cartier.
"The corporation thinks [Concord] is a huge opportunity" for growth, said Scott Woodward, chief marketing officer at Movado. The client also markets less-expensive brands such as Movado and ESQ, as well as the pricier Piaget line.
Previous Concord advertising, which featured photographs of watches, was created in-house.
Movado reported net income of $15.8 million in 1997 on sales of $237 million. Of that total, Concord, Movado and ESQ accounted for $193 million in sales.
Woodward joined Movado earlier this month after a year with Calvin Klein as vice president of marketing. He spent the prior eight years at Ray-Ban, the last two as chief of global advertising and public relations.
Movado is considering a "cross section" of agencies and size does not seem to matter. "We're just looking for great creative talent," Woodward said.
The client spent $26 million on ads last year, $6.5 million of that on Concord, according to Competitive Media Reporting.