PARAMUS, N.J., Sept. 4 /PRNewswire-FirstCall/ -- Movado Group, Inc.
(NYSE: MOV), today announced that company founder Gedalio Grinberg, age 76,
plans to retire as Chairman of the Board at the end of fiscal 2009 and will
remain on the Board with the title of Founder and Chairman Emeritus. Efraim
Grinberg, who joined the Company in 1980, will be named Chairman and will also
continue to serve as President and Chief Executive Officer.
Gedalio Grinberg is the first recipient of a Lifetime Achievement Award
from the Jewelry Information Center in January 2003. Mr. Grinberg's career
spans 47 years, having started in 1961 as a distributor of luxury watches in
North America. At that time, the business generated annual sales of $175,000.
In 1969, the Company, then known as North American Watch Corporation,
originally went public with approximately $5 million in annual sales. In 1993,
the Company re-entered the public market and since then has grown more than
four times in size from a $130 million business to a $560 million enterprise.
Some of the Company's original investors remain and have seen their investment
increase over 80 times.
Gedalio Grinberg, Chairman of Movado Group, stated, "I'm proud of all that
our company has accomplished with the help of our employees and the confidence
of our investors. After establishing a $30 million plus luxury watch business
as a distributor in North America with two brands, our company strategically
shifted its focus onto designing, manufacturing and distributing our own
brands and as a licensee -- acquiring Concord in 1970, reviving an icon of
modernism in Movado, launching ESQ in 1993, expanding into the licensed watch
category, and most recently acquiring Ebel."
Mr. Grinberg continued, "Along the way, we've established a strong track
record and developed a company with great financial strength and a strong
balance sheet. There are so many opportunities ahead for Movado Group. I am
confident that Efraim and the dynamic management team we have developed around
the world will lead our company to heightened levels of performance and enable
our shareholders, employees and customers to continue to prosper and grow."
Efraim Grinberg, President and Chief Executive Officer, commented, "The
Chairman is widely regarded as one of the pioneers of the luxury watch
industry in North America. Since starting our company in 1961, he has been our
leader in developing a brand-building reputation with distinctive imaging
across a powerful portfolio of brands and geographic markets. I have been
fortunate to learn the watch business from the ground floor up under the
tutelage of a great visionary and business man. As we build on the solid
foundation of the mission and values that he established, we look forward to
continuing to grow Movado Group and further strengthening its position as a
leading company in the watch industry. The Chairman's experience, developed
over a truly remarkable and accomplished career, will continue to be
invaluable to Movado Group's Board. We look forward to the benefits of his
ongoing counsel and his continued involvement in our company."
Efraim Grinberg, age 50, has served as Movado Group's President and Chief
Executive Officer since 2001. Upon graduating from Brown University in 1980,
Efraim has served various key roles in the Company, including senior marketing
positions, and since 1990 he has served as the Company's President.
Movado Group, Inc. designs, sources, and distributes Movado, Ebel,
Concord, ESQ, Coach, Tommy Hilfiger, HUGO BOSS, Juicy Couture and Lacoste
watches worldwide, and operates Movado boutiques and company stores in the
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The Company
has tried, whenever possible, to identify these forward-looking statements
using words such as "expects," "anticipates," "believes," "targets," "goals,"
"projects," "intends," "plans," "seeks," "estimates," "may," "will," "should"
and similar expressions. Similarly, statements in this press release that
describe the Company's business strategy, outlook, objectives, plans,
intentions or goals are also forward-looking statements. Accordingly, such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause the Company's actual results, performance or
achievements and levels of future dividends to differ materially from those
expressed in, or implied by, these statements. These risks and uncertainties
may include, but are not limited to: actual or perceived weakness in the U.S.
and global economy and fluctuations in consumer spending and disposable
income, the Company's ability to successfully implement the new Movado brand
strategy, the ability of the new Movado brand strategy to improve the
Company's net sales, profitability and other results of operations, the
Company's ability to successfully introduce and sell new products, the
Company's ability to successfully integrate the operations of newly acquired
and/or licensed brands without disruption to its other business activities,
changes in consumer demand for the Company's products, risks relating to the
fashion and retail industry, import restrictions, competition, seasonality,
commodity price and exchange rate fluctuations, changes in local or global
economic conditions, and the other factors discussed in the Company's Annual
Report on Form 10-K and other filings with the Securities and Exchange
Commission. These statements reflect the Company's current beliefs and are
based upon information currently available to it. Be advised that developments
subsequent to this press release are likely to cause these statements to
become outdated with the passage of time.
SOURCE Movado Group, Inc.
CONTACT: Investor Relations: Suzanne Rosenberg, Vice President,
Corporate Communications, Movado Group, Inc., +1-201-267-8000; Leigh Parrish,
of Financial Dynamics, for Movado Group, Inc., +1-212-850-5600
Web site: http://www.movadogroupinc.com