As previously disclosed, the Company performs its annual impairment assessment of goodwill as well as brand intangibles at the beginning of the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.

During the three months ended April 30, 2020, in light of the COVID-19 pandemic that resulted in the closing of the Company’s stores and of the vast majority of the stores of the Company’s wholesale customers (resulting in a decrease in revenues and gross margin), a decrease in customer spending and decline in the Company’s market capitalization, the Company concluded that a triggering event had occurred during the first quarter of fiscal 2021, resulting in the need to perform a quantitative interim impairment assessment over the Company’s Olivia Burton, MVMT and Company Stores’ long-lived assets as well as the Watch and Accessory Brands reporting unit.

As a result of its recoverability tests, the Company concluded that the carrying amounts of the long-lived assets of Olivia Burton and the Company Stores were recoverable and that the fair values of MVMT’s tradenames and customer relationships did not exceed their carrying values. As a result, the Company recorded impairment charges in the Watch and Accessory Brands segment totaling $22.2 million in the first quarter of fiscal 2021, decreasing MVMT’s trade name to $2.4 million and MVMT’s customer relationships to zero.

After adjusting the carrying value of MVMT’s intangible assets, the Company completed an interim quantitative impairment test of goodwill as of April 30, 2020, in which the Company compared the fair value of the Watch and Accessory Brands reporting unit to its respective carrying value. The excess of the Watch and Accessory Brands unit’s carrying value over the estimate of the fair value was recorded in the Watch and Accessory Brands segment in the first quarter of 2021, totaling $133.7 million which resulted in zero goodwill remaining.

During the fourth quarter of fiscal 2023, the Company concluded that a triggering event occurred resulting in a need to perform a quantitative interim impairment assessment over the Olivia Burton and MVMT long-lived assets and concluded that the assets were recoverable. There were no triggering events during fiscal 2022.

The changes in the carrying amount of other intangible assets during the fiscal years ended January 31, 2023, 2022 and 2021 are as follows (in thousands):


	Trade names			Customer relationships			Other (1)			Total
Weighted Average Amortization Period (in years)	10			6			10
Balance at January 31, 2020	$	31,075		$	10,154		$	1,130		$	42,359
Impairment		(18,595	)		(3,570	)		—			(22,165	)
Additions		—			—			164			164
Amortization		(1,888	)		(1,656	)		(295	)		(3,839	)
Foreign exchange impact		268			240			54			562
Balance at January 31, 2021		10,860			5,168			1,053			17,081
Additions		—			—			291			291
Amortization		(1,633	)		(1,685	)		(258	)		(3,576	)
Foreign exchange impact		(127	)		(134	)		(28	)		(289	)
Balance at January 31, 2022		9,100			3,349			1,058			13,507
Additions		—			—			202			202
Amortization		(1,487	)		(1,503	)		(250	)		(3,240	)
Foreign exchange impact		(710	)		(118	)		1			(827	)
Balance at January 31, 2023	$	6,903		$	1,728		$	1,011		$	9,642

(1)

Other includes fees paid related to trademarks and non-compete agreement related to Olivia Burton brand.