PARAMUS, N.J., March 1 /PRNewswire-FirstCall/ -- Movado Group, Inc.
(NYSE: MOV) today announced that it has successfully completed the acquisition
of Ebel, one of the world's premier luxury watch brands, from LVMH, Moet
Hennessy Louis Vuitton, (Reuters: LVMH.PA).
With its distinctive and internationally recognized image, Ebel is an
excellent complement to Movado Group's portfolio of brands, extending its
presence within the luxury watch category and international markets.
Efraim Grinberg, President and Chief Executive Officer, said, "We are very
pleased to welcome the Ebel brand into Movado Group. With a tremendous
heritage, having been founded nearly a century ago in La Chaux de Fonds,
Switzerland, Ebel, today, is truly a global luxury brand. The powerful
combination of Ebel's distinguished heritage, iconic designs and technical
expertise, together with Movado Group's proven track record, will allow Ebel
to become an even stronger Swiss luxury brand in the future than it is today.
We intend to provide the necessary resources to build upon Ebel's heritage and
maximize the potential of the brand while generating long-term value for our
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel,
Concord, ESQ, Coach and Tommy Hilfiger watches worldwide, and operates Movado
boutiques and Company stores in the United States.
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," "projects," "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 to differ materially from those expressed in, or implied by,
these statements. These risks and uncertainties may include, but are not
limited to: the Company's ability to successfully introduce and sell new
products, the Company's ability to successfully integrate the operations of
Ebel without disruption to its other business activities, the possibility that
the acquisition of Ebel may not be completed, changes in consumer demand for
the Company's products, risks relating to the retail industry, import
restrictions, competition, seasonality 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: Rick Cote, Executive Vice President and Chief Operating
Officer, or Suzanne Michalek, Director of Corporate Communications, both of
Movado Group, Inc., +1-201-267-8000; Ivo Lingnau or Caroline Ledosquet, both
of Financial Dynamics, +44-20-7831-3113, for Movado Group, Inc./
/Web site: http://www.movadogroupinc.com /
CO: Movado Group, Inc.; Ebel
ST: New Jersey
IN: TEX REA HOU
-- NYM139 --
1407 03/01/2004 10:11 EST http://www.prnewswire.com