Watchmaker Movado Group has acquired Britain’s JLB Brands, which owns watch and jewellery label Olivia Burton.

JLB Brands paid around £60 million (US$77.6 million) for the firm, founded in 2011 by Lesa Bennett and Jemma Fennings. The company started selling fashion watches under the Olivia Burton name in 2012, moving into jewellery last year.

In the early stages of international expansion, the millennial-focussed label has a business model that involves launching collections every two months. Inspired by fashion and vintage trends, the brand is sold through a variety of multi-category and specialist stores in its domestic market, and has just debuted at Nordstrom in the US.

JLB’s revenue rose around 64 per cent last year to £15 million, with a rise to £25 million predicted for its current 12 months. It has reached 117 Nordstrom outlets and more US growth is expected as it builds a direct-to-consumer business through its e-commerce platform.

The brand will continue to be led by Bennett and Fennings, who will report to Movado CEO Efraim Grinberg.