PARAMUS, N.J., June 22, 2010 /PRNewswire via COMTEX/ --Movado Group Inc. (NYSE: MOV) today announced that Joe Faranda, business development and strategic and global marketing expert, has been named Senior Vice President of Consumer Insights and Strategic Planning for Movado and ESQ by Movado. This is a newly created position for Movado Group Inc. Faranda will report directly to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group Inc.
Faranda most recently served as Chief Marketing Officer of International Flavors and Fragrances in New York. Previously he worked for Avon Products for 17 years in positions of increasing responsibility including Vice President of Marketing Research, Vice President of Strategic Planning and Group Vice President of Global Strategy and Business Development.
In his new position at Movado Group Inc., Faranda will be responsible for developing and overseeing the strategic plans for the Movado and ESQ by Movado brands, monitoring market trends, and overseeing consumer insights programs. Faranda will work closely with the Merchandising and Product Development groups in creating launch strategies for new product introductions under both brands.
"This important new position at Movado Group will help us analyze the markets we do business in and the products we sell so that we can develop the appropriate marketing strategy to grow sales and market share for Movado and ESQ by Movado," said Movado Group Inc. Chairman and CEO Efraim Grinberg. "Joe has incredible knowledge and experience in strategic marketing and business development. I am extremely confident he will contribute tremendously to the continued success of these brands."
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel, Concord, ESQ by Movado, Coach, Hugo Boss, Lacoste, Juicy Couture and Tommy Hilfiger watches worldwide.
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 its brand strategy, the ability of the Company's brand strategy to improve its 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, the ability of the Company's U.S. operations to generate sufficient income to use accumulated tax losses, 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.