Movado (MOV) 10-Q 25 May 23 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2023	May 22, 2023
Document Type	10-Q
Amendment Flag	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Period End Date	Apr. 30, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	MOV
Entity Registrant Name	MOVADO GROUP, INC.
Entity Central Index Key	0000072573
Current Fiscal Year End Date	--01-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-16497
Entity Tax Identification Number	13-2595932
Entity Address, Address Line One	650 From Road
Entity Address, Address Line Two	Ste. 375
Entity Address, City or Town	Paramus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07652-3556
City Area Code	201
Local Phone Number	267-8000
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NY
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Common Stock Class Undefined
Entity Common Stock, Shares Outstanding		15,617,654
Class A Common Stock
Entity Common Stock, Shares Outstanding		6,524,805

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 198,257	$ 251,584	$ 225,256
Trade receivables, net	94,037	94,282	92,744
Inventories	195,235	186,203	180,003
Other current assets	25,804	24,212	23,558
Income taxes receivable	12,057	10,908	3,421
Total current assets	525,390	567,189	524,982
Property, plant and equipment, net	19,075	18,699	18,434
Operating lease right-of-use assets	76,194	80,897	79,717
Deferred and non-current income taxes	45,049	44,490	42,854
Other intangibles, net	8,996	9,642	11,990
Other non-current assets	66,792	66,788	62,007
Total assets	741,496	787,705	739,984
Current liabilities:
Accounts payable	24,443	32,085	44,140
Accrued liabilities	48,858	46,720	54,698
Accrued payroll and benefits	7,597	17,343	7,822
Current operating lease liabilities	17,558	17,681	16,588
Income taxes payable	17,557	28,591	15,141
Total current liabilities	116,013	142,420	138,389
Deferred and non-current income taxes payable	14,540	15,163	19,385
Non-current operating lease liabilities	66,743	70,910	70,440
Other non-current liabilities	49,287	48,668	47,301
Total liabilities	246,583	277,161	275,515
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest	0	0	2,251
Equity:
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued	0	0	0
Capital in excess of par value	232,419	230,782	224,708
Retained earnings	455,979	476,752	424,160
Accumulated other comprehensive income	85,177	81,295	75,032
Treasury Stock, 13,208,339, 13,194,339 and 12,673,763 shares, respectively, at cost	(281,957)	(281,576)	(264,602)
Total Movado Group, Inc. shareholders' equity	491,971	507,606	459,650
Noncontrolling interest	2,942	2,938	2,568
Total equity	494,913	510,544	462,218
Total liabilities, redeemable noncontrolling interest and equity	741,496	787,705	739,984
Common Stock Class Undefined
Equity:
Common Stock	288	288	287
Class A Common Stock
Equity:
Common Stock	$ 65	$ 65	$ 65

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (PARENTHETICAL) - $ / shares	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Preferred Stock, par value	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred Stock, shares issued	0	0	0
Treasury Stock, shares	13,208,339	13,194,339	12,673,763
Common Stock Class Undefined
Common Stock, par value	$ 0.01	$ 0.01	$ 0.01
Common Stock, shares authorized	100,000,000	100,000,000	100,000,000
Common Stock, shares issued	28,824,156	28,806,511	28,771,219
Common Stock, shares outstanding	28,824,156	28,806,511	28,771,219
Class A Common Stock
Common Stock, par value	$ 0.01	$ 0.01	$ 0.01
Common Stock, shares authorized	30,000,000	30,000,000	30,000,000
Common Stock, shares issued	6,524,805	6,524,805	6,524,805
Common Stock, shares outstanding	6,524,805	6,524,805	6,524,805

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Apr. 30, 2023	Apr. 30, 2022
Income Statement [Abstract]
Net sales		$ 144,905	$ 163,424
Cost of sales		62,902	66,739
Gross profit		82,003	96,685
Selling, general and administrative		71,104	71,391
Operating income	[1]	10,899	25,294
Non-operating income/(expense):
Other income, net		1,025	83
Interest expense		(113)	(112)
Income before income taxes		11,811	25,265
Provision for income taxes (Note 9)		2,534	6,011
Net income		9,277	19,254
Less: Net income attributable to noncontrolling interests		149	741
Net income attributable to Movado Group, Inc.		$ 9,128	$ 18,513
Basic income per share:
Weighted basic average shares outstanding		22,226	22,840
Net income per share attributable to Movado Group, Inc.		$ 0.41	$ 0.81
Diluted income per share:
Weighted diluted average shares outstanding		22,672	23,397
Net income per share attributable to Movado Group, Inc.		$ 0.40	$ 0.79
[1] For both the three months ended April 30, 2023 and 2022, in the United States locations of the Watch and Accessory Brands segment, operating (loss)/income included a charge of $ 0.1 million of expenses related to the amortization of intangible assets and deferred compensation associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment for both the three months ended April 30, 2023 and 2022, operating income included a charge of $ 0.6 million and $ 0.7 million, respectively, of expenses related to the amortization of acquired intangible assets as a result of the Company’s acquisition of the Olivia Burton brand.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 9,277	$ 19,254
Other comprehensive income/(loss):
Net unrealized (loss) on investments, net of tax benefit of ($11) and ($2), respectively	(32)	(5)
Amortization of prior service cost, net of tax provision of $4 and $4, respectively	15	14
Foreign currency translation adjustments	4,002	(11,500)
Accumulated other comprehensive (loss)/income before reclassification, net of tax (benefit)/provision of ($64) and $271	(323)	1,367
Amounts reclassified from accumulated other comprehensive income/(loss), net of tax provision/(benefit) of $44 and ($28)	220	(139)
Total other comprehensive income/(loss), net of taxes	3,882	(10,263)
Comprehensive income/(loss) attributable to noncontrolling interests:
Net income	149	741
Foreign currency translation adjustments	(145)	(200)
Total comprehensive income attributable to noncontrolling interests	4	541
Total comprehensive income attributable to Movado Group, Inc.	$ 13,155	$ 8,450

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net unrealized (loss) on investments, tax (benefit)	$ (11)	$ (2)
Amortization of prior service cost, tax provision	4	4
Accumulated other comprehensive (loss)/income before reclassification, tax (benefit)/provision	(64)	271
Amounts reclassified from accumulated other comprehensive income/(loss), tax provision/(benefit)	$ 44	$ (28)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Cash flows from operating activities:
Net income	$ 9,277	$ 19,254
Adjustments to reconcile net (loss)/income to net cash used in operating activities:
Depreciation and amortization	2,557	2,932
Transactional gains	(114)	(340)
Provision for inventories and accounts receivable	904	661
Deferred income taxes	(1,029)	(491)
Stock-based compensation	1,597	1,343
Other	559	66
Changes in assets and liabilities:
Trade receivables	415	(3,512)
Inventories	(8,149)	(24,286)
Other current assets	(1,985)	(5,570)
Accounts payable	(7,949)	(689)
Accrued liabilities	3,739	6,103
Accrued payroll and benefits	(9,844)	(17,073)
Income taxes receivable	(1,166)	5,116
Income taxes payable	(11,083)	(3,765)
Other non-current assets	635	(672)
Other non-current liabilities	139	171
Net cash used in operating activities	(21,497)	(20,752)
Cash flows from investing activities:
Capital expenditures	(2,257)	(1,381)
Long-term investments	(600)	(1,850)
Trademarks and other intangibles	(26)	(22)
Net cash used in investing activities	(2,883)	(3,253)
Cash flows from financing activities:
Dividends paid	(29,901)	(7,940)
Stock repurchase	(381)	(14,439)
Stock awards and options exercised and other changes	0	(405)
Other	0	(85)
Net cash used in financing activities	(30,282)	(22,869)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,349	(5,026)
Net decrease in cash, cash equivalents and restricted cash	(53,313)	(51,900)
Cash, cash equivalents, and restricted cash at beginning of year	252,179	277,716
Cash, cash equivalents, and restricted cash at end of period	198,866	225,816
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	198,257	225,256
Restricted cash included in other non-current assets	609	560
Cash, cash equivalents, and restricted cash at end of period	$ 198,866	$ 225,816

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1 – BASIS OF PRESENTATION The accompanying interim unaudited Consolidated Financial Statements have been prepared by Movado Group, Inc. (the “Company”), in a manner consistent with that used in the preparation of the annual audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “2023 Annual Report on Form 10-K”). The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position and results of operations for the periods presented. The consolidated balance sheet data at January 31, 2023 is derived from the audited annual financial statements, which are included in the Company’s 2023 Annual Report on Form 10-K and should be read in connection with these interim unaudited financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Apr. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a material impact on the Consolidated Financial Statements or related disclosures.

Earnings Per Share and Cash Div

Earnings Per Share and Cash Dividends	3 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share and Cash Dividends	NOTE 3 – EARNINGS PER SHARE AND CASH DIVIDENDS The Company presents net income attributable to Movado Group, Inc. after adjusting for noncontrolling interests, as applicable, per share on a basic and diluted basis. Basic earnings per share is computed using weighted-average shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for dilutive common stock equivalents. The number of shares used in calculating basic and diluted earnings per share is as follows (in thousands): Three Months Ended April 30, 2023 2022 Weighted average common shares outstanding: Basic 22,226 22,840 Effect of dilutive securities: Stock awards and options to purchase shares of 446 557 Diluted 22,672 23,397 For the three months ended April 30, 2023 and 2022, approximately 345,000 and 170,000 , respectively, of potentially dilutive common stock equivalents were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. On March 23, 2023, the Company declared a special cash dividend of $ 1.00 per share, as well as a quarterly cash dividend of $ 0.35 per share, both payable on April 19, 2023, to shareholders of record on April 5, 2023 . The total dividends of $ 29.9 m illion were paid on April 19, 2023 . The Company paid cash dividends of $ 0.35 per share, or $ 7.9 million, during the three months ended April 30, 2022.

Inventories

Inventories	3 Months Ended
	Apr. 30, 2023
Inventory Disclosure [Abstract]
Inventories	NOTE 4 – INVENTORIES Inventories consisted of the following (in thousands): April 30, January 31, April 30, Finished goods $ 158,206 $ 154,700 $ 146,655 Component parts 34,174 28,805 30,896 Work-in-process 2,855 2,698 2,452 $ 195,235 $ 186,203 $ 180,003

Debt and Lines of Credit

Debt and Lines of Credit	3 Months Ended
	Apr. 30, 2023
Debt Disclosure [Abstract]
Debt and Lines of Credit	NOTE 5 – DEBT AND LINES OF CREDIT On October 12, 2018, the Company, together with Movado Group Delaware Holdings Corporation, Movado Retail Group, Inc. and Movado LLC (together with the Company, the “U.S. Borrowers”), each a wholly owned domestic subsidiary of the Company, and Movado Watch Company S.A. and MGI Luxury Group S.A., each a wholly owned Swiss subsidiary of the Company, entered into an Amended and Restated Credit Agreement (as subsequently amended, the “Credit Agreement”) with the lenders party thereto and Bank of America, N.A. as administrative agent (in such capacity, the “Agent”). As a result of the merger of Movado Watch Company S.A. into MGI Luxury Group S.A. in July 2022, MGI Luxury Group S.A. (subsequently renamed MGI Luxury Group GmbH as a result of the conversion of its corporate form) became the sole Swiss subsidiary of the Company party to the Credit Agreement (in such capacity, the "Swiss Borrower" and, together with the U.S. Borrowers, the "Borrowers"). The Credit Agreement provides for a $ 100.0 million senior secured revolving credit facility (the “Facility”) and has a maturity date of October 28, 2026 . The Facility includes a $ 15.0 million letter of credit subfacility, a $ 25.0 million swingline subfacility and a $ 75.0 million sublimit for borrowings by the Swiss Borrower, with provisions for uncommitted increases to the Facility of up to $ 50.0 million in the aggregate subject to customary terms and conditions. The Credit Agreement contains affirmative and negative covenants binding on the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to, restrictions and limitations on the incurrence of debt and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates (in each case, subject to various exceptions). The borrowings under the Facility are joint and several obligations of the Borrowers and are also cross-guaranteed by each Borrower, except that the Swiss Borrower is not liable for, nor does it guarantee, the obligations of the U.S. Borrowers. In addition, the Borrowers’ obligations under the Facility are secured by first priority liens, subject to permitted liens, on substantially all of the U.S. Borrowers’ assets other than certain excluded assets. The Swiss Borrower does not provide collateral to secure the obligations under the Facility. As of April 30, 2023, and April 30, 2022, there were no amounts in loans outstanding under the Facility for either period. Availability under the Facility was reduced by the aggregate number of letters of credit outstanding, issued in connection with retail and operating facility leases to various landlords and for Canadian payroll to the Royal Bank of Canada, totaling approximately $ 0.3 million at both April 30, 2023 and April 30, 2022. At April 30, 2023, the letters of credit have expiration dates through April 26, 2024 . As of April 30, 2023, and April 30, 2022, availability under the Facility was $ 99.7 million for both periods. The Company had weighted average borrowings under the Facility of zero during both the three months ended April 30, 2023 and 2022, respectively. A Swiss subsidiary of the Company maintains unsecured lines of credit with a Swiss bank that are subject to repayment upon demand. As of April 30, 2023, and 2022, these lines of credit totaled 6.5 million Swiss Francs for both pe riods, with a dollar equivalent of $ 7.3 million and $ 6.7 million, respectively. As of April 30, 2023, and 2022, there wer e no borro wings against these lines. As of April 30, 2023 and 2022, two European banks had guaranteed obligations to third parties on behalf of two of the Company’s foreign subsidiaries in the dollar equivalent of $ 1.3 million and $ 1.2 million, respectively, in various foreign currencies, of which $ 0.6 mill ion for both periods was a restricted deposit as it relates to lease agreements. Cash paid for interest, including unused commitments fees, was $ 0.1 million for both the three month periods ended April 30, 2023 and April 30, 2022.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 6 – DERIVATIVE FINANCIAL INSTRUMENTS The Company addresses certain financial exposures that include the use of derivative financial instruments. The Company enters into foreign currency forward contracts to reduce the effects of fluctuating foreign currency exchange rates. As of April 30, 2023, the Company's net forward contracts hedging portfolio designated as qualified cash flow hedging instruments consisted of 21.0 million Euros equivalent with various expiry dates ranging through July 27, 2023 . The net gain or loss on the derivatives is reported as a component of accumulated other comprehensive income/(loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings using the same revenue or expense category that the hedged item impacted. The Company also enters into foreign currency forward contracts not designated as qualified hedges in accordance with ASC 815, Derivatives and Hedging. As of April 30, 2023, the Company’s net forward contracts hedging portfolio not designated as qualified hedges consisted of 24.7 million Chinese Yuan equivalent, 24.0 million Swiss Francs equivalent, 17.1 million US dollars equivalent, 17.4 million Euros equivalent and 2.8 million British Pounds equivalent with various expiry dates ranging through September 14 , 2023 . Changes in the fair value of these derivatives are recognized in earnings in the period they arise. Net gains or losses related to these forward contracts are included in cost of sales, selling, general and administrative expenses in the Consolidated Statements of Operations. The cash flows related to these foreign currency contracts are classified in operating activities . The following table presents the fair values of the Company's derivative financial instruments included in the consolidated balance sheets as of April 30, 2023, January 31, 2023 and April 30, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance April 30, January 31, April 30, Balance April 30, January 31, April 30, Derivatives designated as hedging instruments: Foreign Exchange Contracts Other Current $ — $ — $ 1,761 Accrued $ 351 $ 192 $ — Total Derivative Instruments $ — $ — $ 1,761 $ 351 $ 192 $ — Asset Derivatives Liability Derivatives Balance April 30, January 31, April 30, Balance April 30, January 31, April 30, Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other Current $ 591 $ 1,146 $ — Accrued $ — $ — $ 1,327 Total Derivative Instruments $ 591 $ 1,146 $ — $ — $ — $ 1,327 As of April 30, 2023, January 31, 2023 and April 30, 2022, the balance of net deferred gains on derivative financial instruments designated as cash flow hedges included in accumulated other comprehensive (loss)/income were ( $ 0.3 ) million, ($ 0.2 ) million and $ 1.4 million, respectively. For the three months ended April 30, 2023, and April 30, 2022, the Company reclassified ( $ 0.2 ) million and $ 0.1 million, respectively, f rom accumulated other comprehensive (loss)/income to Net sales in the Consolidated Statements of Operations. No ineffectiveness has been recorded for the three months ended April 30, 2023. See Note 7 - Fair Value Measurements for fair value and presentation in the Consolidated Balance Sheets for derivatives.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value Measurements	NOTE 7 – FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. • Level 3 – Unobservable inputs based on the Company’s assumptions. The guidance requires the use of observable market data if such data is available without undue cost and effort. The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 30, 2023 and 2022 and January 31, 2023 (in thousands): Fair Value at April 30, 2023 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities Other current assets $ 219 $ — $ — $ 219 Short-term investment Other current assets 153 — — 153 SERP assets - employer Other non-current assets 467 — — 467 SERP assets - employee Other non-current assets 45,302 — — 45,302 Defined benefit plan assets Other non-current liabilities — — 29,508 29,508 Hedge derivatives Other current assets — 591 — 591 Total $ 46,141 $ 591 $ 29,508 $ 76,240 Liabilities: SERP liabilities - employee Other non-current liabilities $ 45,302 $ — $ — $ 45,302 Hedge derivatives Accrued liabilities — 351 — 351 Total $ 45,302 $ 351 $ — $ 45,653 Fair Value at January 31, 2023 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities Other current assets $ 263 $ — $ — $ 263 Short-term investment Other current assets 156 — — 156 SERP assets - employer Other non-current assets 738 — — 738 SERP assets - employee Other non-current assets 44,442 — — 44,442 Defined benefit plan assets Other non-current liabilities — — 27,965 27,965 Hedge derivatives Other current assets — 1,146 — 1,146 Total $ 45,599 $ 1,146 $ 27,965 $ 74,710 Liabilities: SERP liabilities - employee Other non-current liabilities $ 44,442 $ — $ — $ 44,442 Hedge derivatives Accrued liabilities — 192 — 192 Total $ 44,442 $ 192 $ — $ 44,634 Fair Value at April 30, 2022 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities Other current assets $ 242 $ — $ — $ 242 Short-term investment Other current assets 162 — — 162 SERP assets - employer Other non-current assets 802 — — 802 SERP assets - employee Other non-current assets 44,283 — — 44,283 Defined benefit plan assets Other non-current assets — — 26,174 26,174 Hedge derivatives Other current assets — 1,761 — 1,761 Total $ 45,489 $ 1,761 $ 26,174 $ 73,424 Liabilities: SERP liabilities - employee Other non-current liabilities $ 44,283 $ — $ — $ 44,283 Hedge derivatives Accrued liabilities — 1,327 — 1,327 Total $ 44,283 $ 1,327 $ — $ 45,610 The fair values of the Company’s available-for-sale securities are based on quoted market prices. The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of a percent calculated annually. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives consist of cash flow hedging instruments and forward contracts (see Note 6 for further discussion) and are entered into by the Company principally to reduce its exposure to Swiss Franc and Euro exchange rate risks. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates. The Company sponsors a defined benefit pension plan in Switzerland. The plan covers certain international employees and is based on years of service and compensation on a career-average pay basis. The assets within the plan are classified as a Level 3 asset within the fair value hierarchy and consist of an investment in pooled assets and include separate employee accounts that are invested in equity securities, debt securities and real estate. The values of the separate accounts invested are based on values provided by the administrator of the funds that cannot be readily derived from or corroborated by observable market data. The value of the assets is part of the defined benefit plan and included in other non-current liabilities at April 30, 2023 and January 31, 2023 and other non-current assets in the consolidated balance sheets at April 30, 2022. There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements. Investments Without Readily Determinable Fair Values From time to time the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. Through fiscal 2023, the Company invested approximately $ 5.3 million and during the first quarter of fiscal 2024, the Company invested an additiona l $ 0.6 million in venture capital funds (see Note 8 - Commitments and Contingencies for discussion of commitments made related to venture capital funds). The Company has evaluated and will regularly evaluate the carrying value of its investments . One consumer products company in which the Company made an equity investment in fiscal year 2022 sold its business and assets in the first quarter of fiscal 2024 in a transaction that is expected to yield little or no return for equity holders. As a result, the Company has fully impaired its $ 0.5 million investment in this entity in the first quarter of fiscal 2024. T h e carrying value of the investments are recorded in Other non-current assets in the Consolidated Balance Sheets at April 30, 2023, January 31, 2023 and April 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8 – COMMITMENTS AND CONTINGENCIES The Company has minimum commitments related to the Company’s license agreements and endorsement agreements with brand ambassadors, and also includes service agreements. The Company sources, distributes, advertises and sells watches and jewelry pursuant to its exclusive license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of revenues, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms, and some have renewal options, provided that minimum sales levels are achieved. Additionally, the license agreements require the Company to pay minimum annual advertising amounts. The Company believes that income tax reserves are adequate; however, amounts asserted by taxing authorities could be greater or less than amounts accrued and reflected in the consolidated balance sheet. Accordingly, the Company could record adjustments to the amounts for federal, state, and foreign liabilities in the future as the Company revises estimates or settles or otherwise resolves the underlying matters. In the ordinary course of business, the Company may take new positions that could increase or decrease unrecognized tax benefits in future periods. In December 2016, U.S. Customs and Border Protection (“U.S. Customs”) issued an audit report concerning the methodology used by the Company to allocate the cost of certain watch styles imported into the U.S. among the component parts of those watches for tariff purposes. The report disputed the reasonableness of the Company’s historical allocation formulas and proposed an alternative methodology that would imply $ 5.1 million in underpaid duties for all imports that entered the United States during the audit period which extended from August 1, 2011 through July 15, 2016, plus possible penalties and interest. The Company believes that U.S. Customs’ alternative duty methodology and estimate are not consistent with the Company’s facts and circumstances and has consistently disputed U.S. Customs’ position. Between February 2017 and January 2021, the Company made numerous submissions to U.S. Customs containing supplemental analyses and information in response to U.S. Customs’ information requests. On May 1, 2023, the statute of limitations lapsed with respect to all entries encompassed by the audit period. The Company is analyzing the implications of the lapse. The Company is involved in legal proceedings and claims from time to time, in the ordinary course of its business. Legal reserves are recorded in accordance with the accounting guidance for contingencies. Contingencies are inherently unpredictable and it is possible that results of operations, balance sheets or cash flows could be materially and adversely affected in any particular period by unfavorable developments in, or resolution or disposition of, such matters. For those legal proceedings and claims for which the Company believes that it is probable that a reasonably estimable loss may result, the Company records a reserve for the potential loss. For proceedings and claims where the Company believes it is reasonably possible that a loss may result that is materially in excess of amounts accrued for the matter, the Company either discloses an estimate of such possible loss or range of loss or includes a statement that such an estimate cannot be made. As of April 30, 2023, the Company is party to legal proceedings and contingencies, the resolution of which is not expected to materially affect its financial condition, future results of operations beyond the amounts accrued, or cash flows.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9 – INCOME TAXES The Company recorded an income tax provision of $ 2.5 million and $ 6.0 million for the three months ended April 30, 2023 and 2022, respectively. The effective tax rate was 21.5 % and 23.8 % for the three months ended April 30, 2023 and 2022, respectively. The significant components of the effective tax rate changed primarily due to return to provision adjustments and changes in jurisdictional earnings, partially offset by the release of certain foreign valuation allowances in the prior year. At April 30, 2023, the Company had no deferred tax liability for substantially all of the undistributed foreign earnings of approximately $ 261.9 million because the Company intends to permanently reinvest such earnings in its foreign operations. It is not practicable to estimate the tax liability related to a future distribution of these permanently reinvested foreign earnings.

Equity

Equity	3 Months Ended
	Apr. 30, 2023
Equity [Abstract]
Equity	NOTE 10 – EQUITY The components of equity for the three months ended April 30, 2023 and 2022 are as follows (in thousands): Movado Group, Inc. Shareholders' Equity Preferred Common (1) Class A (2) Capital in of Value Retained Accumulated Treasury Noncontrolling Total Redeemable Balance, January 31, 2023 $ — $ 288 $ 65 $ 230,782 $ 476,752 $ 81,295 $ ( 281,576 ) $ 2,938 $ 510,544 $ - Net income attributable to Movado 9,128 149 9,277 Dividends ($ 1.35 per share) ( 29,901 ) ( 29,901 ) Stock options exercised — Stock repurchase ( 381 ) ( 381 ) Supplemental executive retirement plan 40 40 Stock-based compensation expense 1,597 1,597 Net unrealized loss on investments, net 11 ) ( 32 ) ( 32 ) Net change in effective portion of hedging contracts, net of tax benefit of ($ 20 ) ( 103 ) ( 103 ) Amortization of prior service cost, net of 4 15 15 Foreign currency translation 4,002 ( 145 ) 3,857 Balance, April 30, 2023 $ — $ 288 $ 65 $ 232,419 $ 455,979 $ 85,177 $ ( 281,957 ) $ 2,942 $ 494,913 $ - Preferred Common (1) Class A (2) Capital in of Value Retained Accumulated Treasury Noncontrolling Interest Total Redeemable Balance, January 31, 2022 $ — $ 286 $ 65 $ 222,615 $ 413,587 $ 85,295 $ ( 249,040 ) $ 1,967 $ 474,775 $ 2,311 Net income attributable to Movado 18,513 622 19,135 119 Dividends ($ 0.35 per share) ( 7,940 ) ( 7,940 ) Stock options exercised 1 717 ( 1,123 ) ( 405 ) Stock repurchase ( 14,439 ) ( 14,439 ) Supplemental executive retirement plan 33 33 Stock-based compensation expense 1,343 1,343 Net unrealized loss on investments, net 2 ) ( 5 ) ( 5 ) Net change in effective portion of hedging contracts, net of tax provision of $ 243 1,228 1,228 Amortization of prior service cost, net of 4 14 14 Foreign currency translation ( 11,500 ) ( 21 ) ( 11,521 ) ( 179 ) Balance, April 30, 2022 $ — $ 287 $ 65 $ 224,708 $ 424,160 $ 75,032 $ ( 264,602 ) $ 2,568 $ 462,218 $ 2,251 (1) Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders. (2) Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation, as amended. The class A common stock is not publicly traded, and consequently, there is currently no established public trading market for these shares. (3) The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.

Treasury Stock

Treasury Stock	3 Months Ended
	Apr. 30, 2023
Equity [Abstract]
Treasury Stock	NOTE 11 – TREASURY STOCK On March 25, 2021, the Board approved a share repurchase program under which the Company was authorized to purchase up to $ 25.0 million of its outstanding common stock through September 30, 2022, depending on market conditions, share price and other factors. On November 23, 2021, the Board approved a share repurchase program under which the Company is authorized to purchase up to an additional $ 50.0 million of its outstanding common stock through November 23, 2024, depending on market conditions, share price and other factors. Under both share repurchase programs, the Company is permitted to purchase shares of its common stock from time to time through open market purchases, repurchase plans, block trades or otherwise. During the three months ended April 30, 2023, the Company repurchased a total of 14,000 shares of its common stock under the November 23, 2021 share repurchase program at a total cost of $ 0.4 million, or an average of $ 27.24 per share. During the three months ended April 30, 2022, the Company repurchased a total of 378,380 shares of its common stock under the March 25, 2021 share repurchase program and November 23, 2021 share repurchase program at a total cost of $ 14.4 million, or an average of $ 38.16 per share. At April 30, 2023, zero remains available for purchase under the Company’s March 25, 2021 repurchase program and $ 20.6 million remains available for purchase under the Company's November 23, 2021 repurchase program. There were zero and 28,405 shares of common stock repurchased during the three months ended April 30, 2023 and 2022, respectively, as a result of the surrender of shares in connection with the vesting of certain stock awards. At the election of an employee, shares having an aggregate value on the vesting date equal to the employee’s withholding tax obligation may be surrendered to the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE INCOME The accumulated balances at April 30, 2023 and 2022, and January 31, 2023, related to each component of accumulated other comprehensive income (loss) are as follows (in thousands): April 30, January 31, April 30, Foreign currency translation adjustments $ 87,007 $ 83,005 $ 73,225 Available-for-sale securities 150 182 167 Hedging contracts ( 274 ) ( 171 ) 1,422 Unrecognized prior service cost related to defined benefit pension plan ( 216 ) ( 231 ) ( 273 ) Net actuarial (loss)/gain related to defined benefit pension plan ( 1,490 ) ( 1,490 ) 491 Total accumulated other comprehensive income $ 85,177 $ 81,295 $ 75,032 Amounts reclassified from accumulated other comprehensive (loss)/income to operating income in the Consolidated Statements of Operations during the three months ended April 30, 2023 and April 30, 2022 were ($ 0.2 ) mi llion and $ 0.1 million, respectively.

Revenue

Revenue	3 Months Ended
	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 13 – REVENUE Disaggregation of Revenue The following table presents the Company’s net sales disaggregated by customer type. Sales and usage-based taxes are excluded from net sales (in thousands): For the Three Months Ended Customer Type 2023 2022 Wholesale $ 114,848 $ 128,617 Direct to consumer 29,169 33,748 After-sales service 888 1,059 Net Sales $ 144,905 $ 163,424 The Company’s revenue from contracts with customers is recognized at a point in time. The Company’s net sales disaggregated by geography are based on the location of the Company’s customer (see Note 15 – Segment and Geographic Information). Wholesale Revenue The Company’s wholesale revenue consists primarily of revenues from independent distributors, department stores, chain stores, independent jewelry stores and third-party e-commerce retailers. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied, and control is transferred to the customer. Transfer of control passes to wholesale customers upon shipment or upon receipt depending on the agreement with the customer and shipping terms. Wholesale revenue is measured as the amount of consideration the Company ultimately expects to receive in exchange for transferring goods. Wholesale revenue is included entirely within the Watch and Accessory Brands segment (see Note 15 – Segment and Geographic Information), consistent with how management makes decisions regarding the allocation of resources and performance measurement. Direct to Consumer Revenue The Company’s direct to consumer revenue primarily consists of revenues from the Company’s outlet stores, the Company’s owned e-commerce websites and concession stores, and consumer repairs. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied, and control is transferred to the customer. Control passes to outlet store customers at the time of sale and to substantially all e-commerce customers upon shipment. Direct to Consumer revenue is included in either the Watch and Accessory Brands segment or Company Stores Segment based on how the Company makes decisions about the allocation of resources and performance measurement. Revenue derived from outlet stores and related e-commerce is included within the Company Stores Segment. Other Direct to Consumer revenue (i.e., revenue derived from other Company-owned e-commerce websites, concession stores and consumer repairs) is included within the Watch and Accessory Brands segment. (See Note 15 – Segment and Geographic Information). After-Sales Service All watches sold by the Company come with limited warranties covering the movement against defects in materials and workmanship. The Company’s after-sales service revenues consists of out of warranty service provided to customers and authorized third party repair centers, and sale of watch parts. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied and control is transferred to the customer. After-sales service revenue is measured as the amount of consideration the Company ultimately expects to receive in exchange for transferring goods. Revenue from after sales service, including consumer repairs, is included entirely within the Watch and Accessory Brands segment, consistent with how management makes decisions about the allocation of resources and performance measurement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 14 – STOCK-BASED COMPENSATION Under the Company’s Stock Incentive Plan, as amended and restated as of April 4, 2013 (the “Plan”), the Compensation Committee of the Board of Directors, which consists of three of the Company’s non-employee directors, has the authority to grant participants incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights and stock awards, for up to 11,000,000 shares of common stock. Stock Options: Stock options granted to participants under the Plan generally become exercisable after three years and remain exercisable until the tenth anniversary of the date of grant. All stock options granted under the Plan have an exercise price equal to or greater than the fair market value of the Company’s common stock on the grant date. The table below presents the weighted average assumptions used with the Black-Scholes option-pricing model for the calculation of the fair value of stock options granted during the three months ended April 30, 2022. There were no stock options granted during the three months ended April 30, 2023. Three Months Ended April 30, 2022 Expected volatility 51.66 % Expected life in years 6.0 Risk-free interest rates 2.57 % Dividend rate 3.00 % Weighted average fair value per option at date of grant $ 14.81 The fair value of the stock options, less expected forfeitures, is amortized on a straight-line basis over the vesting term. Total compensation expense for stock option grants recognized during the three months ended April 30, 2023 and 2022 was $ 0.6 m illion and $ 0.4 million, respectively. As of April 30, 2023, there was $ 2.4 million of unrecognized compensation cost related to unvested stock options. These costs are expected to be recognized over a weighted-average period of 1 .5 years. Total cash consideration received for stock option exercises during the three months ended April 30, 2023 and 2022 was zero and $ 0.7 million, respectively. The following table summarizes the Company’s stock options activity during the first quarter of fiscal 2024: Outstanding Weighted Option Weighted Aggregate Options outstanding at January 31, 183,101 options exercisable) 1,085,029 $ 23.84 $ 12.42 -$ 42.12 7.1 $ 13,367 Granted — — — Exercised — — — Forfeited ( 7,900 ) $ 30.34 $ 30.34 Options outstanding at April 30, 2023 1,077,129 $ 23.80 $ 12.42 -$ 42.12 6.9 $ 5,679 Exercisable at April 30, 2023 175,201 $ 32.57 2.3 $ 81 Expected to vest at April 30, 2023 884,590 $ 21.88 7.8 $ 5,576 There were no stock options exercised during the first three months of fiscal 2024. Stock Awards: Under the Plan, the Company can also grant stock awards to employees and directors. For the three months ended April 30, 2023 and 2022, compensation expense for stock awards was $ 1.0 million and $ 0.9 million, respectively. As of April 30, 2023, there was $ 10.2 million of unrecognized compensation cost related to unvested stock awards. These costs are expected to be recognized over a weighted-average period of 2.4 years. The following table summarizes the Company’s stock awards activity during the first quarter of fiscal 2024: Number of Weighted- Weighted- Aggregate Units outstanding at January 31, 2023 294,148 $ 28.84 Units granted 298,770 $ 28.61 Units vested ( 23,162 ) $ 34.76 Units forfeited — — Units outstanding at April 30, 2023 569,756 $ 28.48 2.2 $ 14,597 Stock awards granted by the Company can be classified as either time-based stock awards or performance-based stock awards. Time-based stock awards vest over time in the number of shares established at grant date, subject to continued employment. Performance-based stock awards vest over time subject both to continued employment and to the achievement of corporate financial performance goals. Upon the vesting of a stock award, shares are issued from the pool of authorized shares. The number of shares to be issued related to the outstanding performance-based stock awards can vary from 0 % to 200 % of the target number of underlying stock award units established at grant date, depending on the extent of the achievement of the predetermined financial goals. There were zero and 28,405 shares of common stock of the Company tendered by the employee for the payment of the employee's withholding tax obligation totaling zero and $ 1.1 million for the three months ended April 30, 2023 and 2022, respectively. The total fair value of stock award units that vested during the first three months of fiscal 2024 was $ 0.8 million.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Apr. 30, 2023
Segment Reporting [Abstract]
Segment and Geographic Information	NOTE 15 – SEGMENT AND GEOGRAPHIC INFORMATION The Company conducts its business in two operating segments: Watch and Accessory Brands and Company Stores. The Company’s Watch and Accessory Brands segment includes the designing, manufacturing and distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to revenue generated from after-sales service activities and shipping. The Company Stores segment includes the Company’s retail outlet business. The Chief Executive Officer of the Company is the chief operating decision maker (“CODM”) and regularly reviews operating results for each of the two operating segments to assess performance and makes operating decisions about the allocation of the Company’s resources. The Company divides its business into two major geographic locations: United States operations and International, which includes the results of all non-U.S. Company operations. The allocation of geographic revenue is based upon the location of the customer. The Company’s International operations in Europe, the Middle East, the Americas (excluding the United States) and Asia accounted for 30.4 %, 12.3 %, 12.0 % and 4.4 % , respectively, of the Company’s total net sales for the three months ended April 30, 2023. For the three months ended April 30, 2022, the Company’s International operations in Europe, the Middle East, the Americas (excluding the United States) and Asia accounted for 34.0 %, 10.1 %, 8.4 % and 4.5 %, respectively, of the Company’s total net sales. Operating Segment Data as of and for the Three Months Ended April 30, 2023 and 2022 (in thousands): Net Sales 2023 2022 Watch and Accessory Brands: Owned brands category $ 45,132 $ 53,170 Licensed brands category 80,207 88,840 After-sales service and all other 220 1,358 Total Watch and Accessory Brands 125,559 143,368 Company Stores 19,346 20,056 Consolidated total $ 144,905 $ 163,424 Operating Income (3) 2023 2022 Watch and Accessory Brands $ 8,829 $ 21,547 Company Stores 2,070 3,747 Consolidated total $ 10,899 $ 25,294 Total Assets April 30, January 31, April 30, Watch and Accessory Brands $ 674,964 $ 722,267 $ 670,531 Company Stores 66,532 65,438 69,453 Consolidated total $ 741,496 $ 787,705 $ 739,984 Geographic Location Data as of and for the Three Months Ended April 30, 2023 and 2022 (in thousands): Net Sales Operating (Loss)/Income (3) 2023 2022 2023 2022 United States (1) $ 59,209 $ 70,223 $ ( 6,961 ) $ 548 International (2) 85,696 93,201 17,860 24,746 Consolidated total $ 144,905 $ 163,424 $ 10,899 $ 25,294 United States and International net sales are net of intercompany sales of $ 64.6 million and $ 96.2 million for the three months ended April 30, 2023 and 2022, respectively. (1) The United States operating (loss)/income included $ 11.4 million and $ 13.5 million of unallocated corporate expenses for the three months ended April 30, 2023 and 2022, respectively. (2) The International operating income included $ 17.3 million and $ 19.1 million of certain intercompany profits related to the Company’s supply chain operations for the three months ended April 30, 2023 and 2022, respectively. (3) For both the three months ended April 30, 2023 and 2022, in the United States locations of the Watch and Accessory Brands segment, operating (loss)/income included a charge of $ 0.1 million of expenses related to the amortization of intangible assets and deferred compensation associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment for both the three months ended April 30, 2023 and 2022, operating income included a charge of $ 0.6 million and $ 0.7 million, respectively, of expenses related to the amortization of acquired intangible assets as a result of the Company’s acquisition of the Olivia Burton brand. Total Assets April 30, January 31, April 30, United States $ 364,485 $ 425,209 $ 314,738 International 377,011 362,496 425,246 Consolidated total $ 741,496 $ 787,705 $ 739,984 Property, Plant and Equipment, Net April 30, January 31, April 30, United States $ 12,982 $ 13,422 $ 12,876 International 6,093 5,277 5,558 Consolidated total $ 19,075 $ 18,699 $ 18,434

Earnings Per Share and Cash D_2

Earnings Per Share and Cash Dividends (Tables)	3 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
Schedule of Number of Shares Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The number of shares used in calculating basic and diluted earnings per share is as follows (in thousands): Three Months Ended April 30, 2023 2022 Weighted average common shares outstanding: Basic 22,226 22,840 Effect of dilutive securities: Stock awards and options to purchase shares of 446 557 Diluted 22,672 23,397

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 30, 2023
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consisted of the following (in thousands): April 30, January 31, April 30, Finished goods $ 158,206 $ 154,700 $ 146,655 Component parts 34,174 28,805 30,896 Work-in-process 2,855 2,698 2,452 $ 195,235 $ 186,203 $ 180,003

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 30, 2023
Derivative Instrument Detail [Abstract]
Schedule of Derivative Financial Instruments Included in Consolidated Balance Sheets	The following table presents the fair values of the Company's derivative financial instruments included in the consolidated balance sheets as of April 30, 2023, January 31, 2023 and April 30, 2022 (in thousands): Asset Derivatives Liability Derivatives Balance April 30, January 31, April 30, Balance April 30, January 31, April 30, Derivatives designated as hedging instruments: Foreign Exchange Contracts Other Current $ — $ — $ 1,761 Accrued $ 351 $ 192 $ — Total Derivative Instruments $ — $ — $ 1,761 $ 351 $ 192 $ — Asset Derivatives Liability Derivatives Balance April 30, January 31, April 30, Balance April 30, January 31, April 30, Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other Current $ 591 $ 1,146 $ — Accrued $ — $ — $ 1,327 Total Derivative Instruments $ 591 $ 1,146 $ — $ — $ — $ 1,327

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 30, 2023 and 2022 and January 31, 2023 (in thousands): Fair Value at April 30, 2023 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities Other current assets $ 219 $ — $ — $ 219 Short-term investment Other current assets 153 — — 153 SERP assets - employer Other non-current assets 467 — — 467 SERP assets - employee Other non-current assets 45,302 — — 45,302 Defined benefit plan assets Other non-current liabilities — — 29,508 29,508 Hedge derivatives Other current assets — 591 — 591 Total $ 46,141 $ 591 $ 29,508 $ 76,240 Liabilities: SERP liabilities - employee Other non-current liabilities $ 45,302 $ — $ — $ 45,302 Hedge derivatives Accrued liabilities — 351 — 351 Total $ 45,302 $ 351 $ — $ 45,653 Fair Value at January 31, 2023 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities Other current assets $ 263 $ — $ — $ 263 Short-term investment Other current assets 156 — — 156 SERP assets - employer Other non-current assets 738 — — 738 SERP assets - employee Other non-current assets 44,442 — — 44,442 Defined benefit plan assets Other non-current liabilities — — 27,965 27,965 Hedge derivatives Other current assets — 1,146 — 1,146 Total $ 45,599 $ 1,146 $ 27,965 $ 74,710 Liabilities: SERP liabilities - employee Other non-current liabilities $ 44,442 $ — $ — $ 44,442 Hedge derivatives Accrued liabilities — 192 — 192 Total $ 44,442 $ 192 $ — $ 44,634 Fair Value at April 30, 2022 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities Other current assets $ 242 $ — $ — $ 242 Short-term investment Other current assets 162 — — 162 SERP assets - employer Other non-current assets 802 — — 802 SERP assets - employee Other non-current assets 44,283 — — 44,283 Defined benefit plan assets Other non-current assets — — 26,174 26,174 Hedge derivatives Other current assets — 1,761 — 1,761 Total $ 45,489 $ 1,761 $ 26,174 $ 73,424 Liabilities: SERP liabilities - employee Other non-current liabilities $ 44,283 $ — $ — $ 44,283 Hedge derivatives Accrued liabilities — 1,327 — 1,327 Total $ 44,283 $ 1,327 $ — $ 45,610

Equity (Tables)

Equity (Tables)	3 Months Ended
	Apr. 30, 2023
Equity [Abstract]
Components of Equity	The components of equity for the three months ended April 30, 2023 and 2022 are as follows (in thousands): Movado Group, Inc. Shareholders' Equity Preferred Common (1) Class A (2) Capital in of Value Retained Accumulated Treasury Noncontrolling Total Redeemable Balance, January 31, 2023 $ — $ 288 $ 65 $ 230,782 $ 476,752 $ 81,295 $ ( 281,576 ) $ 2,938 $ 510,544 $ - Net income attributable to Movado 9,128 149 9,277 Dividends ($ 1.35 per share) ( 29,901 ) ( 29,901 ) Stock options exercised — Stock repurchase ( 381 ) ( 381 ) Supplemental executive retirement plan 40 40 Stock-based compensation expense 1,597 1,597 Net unrealized loss on investments, net 11 ) ( 32 ) ( 32 ) Net change in effective portion of hedging contracts, net of tax benefit of ($ 20 ) ( 103 ) ( 103 ) Amortization of prior service cost, net of 4 15 15 Foreign currency translation 4,002 ( 145 ) 3,857 Balance, April 30, 2023 $ — $ 288 $ 65 $ 232,419 $ 455,979 $ 85,177 $ ( 281,957 ) $ 2,942 $ 494,913 $ - Preferred Common (1) Class A (2) Capital in of Value Retained Accumulated Treasury Noncontrolling Interest Total Redeemable Balance, January 31, 2022 $ — $ 286 $ 65 $ 222,615 $ 413,587 $ 85,295 $ ( 249,040 ) $ 1,967 $ 474,775 $ 2,311 Net income attributable to Movado 18,513 622 19,135 119 Dividends ($ 0.35 per share) ( 7,940 ) ( 7,940 ) Stock options exercised 1 717 ( 1,123 ) ( 405 ) Stock repurchase ( 14,439 ) ( 14,439 ) Supplemental executive retirement plan 33 33 Stock-based compensation expense 1,343 1,343 Net unrealized loss on investments, net 2 ) ( 5 ) ( 5 ) Net change in effective portion of hedging contracts, net of tax provision of $ 243 1,228 1,228 Amortization of prior service cost, net of 4 14 14 Foreign currency translation ( 11,500 ) ( 21 ) ( 11,521 ) ( 179 ) Balance, April 30, 2022 $ — $ 287 $ 65 $ 224,708 $ 424,160 $ 75,032 $ ( 264,602 ) $ 2,568 $ 462,218 $ 2,251 (1) Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders. (2) Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation, as amended. The class A common stock is not publicly traded, and consequently, there is currently no established public trading market for these shares. (3) The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Component of Accumulated Other Comprehensive Income (Loss)	The accumulated balances at April 30, 2023 and 2022, and January 31, 2023, related to each component of accumulated other comprehensive income (loss) are as follows (in thousands): April 30, January 31, April 30, Foreign currency translation adjustments $ 87,007 $ 83,005 $ 73,225 Available-for-sale securities 150 182 167 Hedging contracts ( 274 ) ( 171 ) 1,422 Unrecognized prior service cost related to defined benefit pension plan ( 216 ) ( 231 ) ( 273 ) Net actuarial (loss)/gain related to defined benefit pension plan ( 1,490 ) ( 1,490 ) 491 Total accumulated other comprehensive income $ 85,177 $ 81,295 $ 75,032

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Net Sales Disaggregated by Customer Type	The following table presents the Company’s net sales disaggregated by customer type. Sales and usage-based taxes are excluded from net sales (in thousands): For the Three Months Ended Customer Type 2023 2022 Wholesale $ 114,848 $ 128,617 Direct to consumer 29,169 33,748 After-sales service 888 1,059 Net Sales $ 144,905 $ 163,424

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Average Assumptions Used for Calculation of Fair Value of Stock Options Granted	The table below presents the weighted average assumptions used with the Black-Scholes option-pricing model for the calculation of the fair value of stock options granted during the three months ended April 30, 2022. There were no stock options granted during the three months ended April 30, 2023. Three Months Ended April 30, 2022 Expected volatility 51.66 % Expected life in years 6.0 Risk-free interest rates 2.57 % Dividend rate 3.00 % Weighted average fair value per option at date of grant $ 14.81
Schedule of Stock Options Activity	The following table summarizes the Company’s stock options activity during the first quarter of fiscal 2024: Outstanding Weighted Option Weighted Aggregate Options outstanding at January 31, 183,101 options exercisable) 1,085,029 $ 23.84 $ 12.42 -$ 42.12 7.1 $ 13,367 Granted — — — Exercised — — — Forfeited ( 7,900 ) $ 30.34 $ 30.34 Options outstanding at April 30, 2023 1,077,129 $ 23.80 $ 12.42 -$ 42.12 6.9 $ 5,679 Exercisable at April 30, 2023 175,201 $ 32.57 2.3 $ 81 Expected to vest at April 30, 2023 884,590 $ 21.88 7.8 $ 5,576
Summary of Stock Awards Activity	The following table summarizes the Company’s stock awards activity during the first quarter of fiscal 2024: Number of Weighted- Weighted- Aggregate Units outstanding at January 31, 2023 294,148 $ 28.84 Units granted 298,770 $ 28.61 Units vested ( 23,162 ) $ 34.76 Units forfeited — — Units outstanding at April 30, 2023 569,756 $ 28.48 2.2 $ 14,597

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Apr. 30, 2023
Segment Reporting [Abstract]
Operating Segment Data	Operating Segment Data as of and for the Three Months Ended April 30, 2023 and 2022 (in thousands): Net Sales 2023 2022 Watch and Accessory Brands: Owned brands category $ 45,132 $ 53,170 Licensed brands category 80,207 88,840 After-sales service and all other 220 1,358 Total Watch and Accessory Brands 125,559 143,368 Company Stores 19,346 20,056 Consolidated total $ 144,905 $ 163,424 Operating Income (3) 2023 2022 Watch and Accessory Brands $ 8,829 $ 21,547 Company Stores 2,070 3,747 Consolidated total $ 10,899 $ 25,294 Total Assets April 30, January 31, April 30, Watch and Accessory Brands $ 674,964 $ 722,267 $ 670,531 Company Stores 66,532 65,438 69,453 Consolidated total $ 741,496 $ 787,705 $ 739,984
Geographic Segment Data	Geographic Location Data as of and for the Three Months Ended April 30, 2023 and 2022 (in thousands): Net Sales Operating (Loss)/Income (3) 2023 2022 2023 2022 United States (1) $ 59,209 $ 70,223 $ ( 6,961 ) $ 548 International (2) 85,696 93,201 17,860 24,746 Consolidated total $ 144,905 $ 163,424 $ 10,899 $ 25,294 United States and International net sales are net of intercompany sales of $ 64.6 million and $ 96.2 million for the three months ended April 30, 2023 and 2022, respectively. (1) The United States operating (loss)/income included $ 11.4 million and $ 13.5 million of unallocated corporate expenses for the three months ended April 30, 2023 and 2022, respectively. (2) The International operating income included $ 17.3 million and $ 19.1 million of certain intercompany profits related to the Company’s supply chain operations for the three months ended April 30, 2023 and 2022, respectively. (3) For both the three months ended April 30, 2023 and 2022, in the United States locations of the Watch and Accessory Brands segment, operating (loss)/income included a charge of $ 0.1 million of expenses related to the amortization of intangible assets and deferred compensation associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment for both the three months ended April 30, 2023 and 2022, operating income included a charge of $ 0.6 million and $ 0.7 million, respectively, of expenses related to the amortization of acquired intangible assets as a result of the Company’s acquisition of the Olivia Burton brand. Total Assets April 30, January 31, April 30, United States $ 364,485 $ 425,209 $ 314,738 International 377,011 362,496 425,246 Consolidated total $ 741,496 $ 787,705 $ 739,984 Property, Plant and Equipment, Net April 30, January 31, April 30, United States $ 12,982 $ 13,422 $ 12,876 International 6,093 5,277 5,558 Consolidated total $ 19,075 $ 18,699 $ 18,434

Earnings Per Share and Cash D_3

Earnings Per Share and Cash Dividends - Schedule of Number of Shares Used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Weighted average common shares outstanding:
Basic	22,226	22,840
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	446	557
Diluted	22,672	23,397

Earnings Per Share and Cash D_4

Earnings Per Share and Cash Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 23, 2023	Mar. 23, 2023	Apr. 30, 2023	Apr. 30, 2022
Earnings Per Share [Abstract]
Dilutive common stock equivalents were excluded from the computation of diluted earnings per share			345,000	170,000
Cash dividend declared and payable	$ 1	$ 0.35	$ 1.35	$ 0.35
Dividend paid			$ 29,901	$ 7,940
Dividend payable date			Apr. 19, 2023
Cash dividend paid per share				$ 0.35
Dividend payable, record date		Apr. 05, 2023

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Inventory, Net [Abstract]
Finished goods	$ 158,206	$ 154,700	$ 146,655
Component parts	34,174	28,805	30,896
Work-in-process	2,855	2,698	2,452
Inventories	$ 195,235	$ 186,203	$ 180,003

Debt and Lines of Credit - Addi

Debt and Lines of Credit - Additional Information (Details)		3 Months Ended
	Oct. 12, 2018 USD ($)	Apr. 30, 2023 USD ($) Subsidiary Bank	Apr. 30, 2022 USD ($) Subsidiary Bank	Apr. 30, 2023 CHF (SFr) Subsidiary Bank	Apr. 30, 2022 CHF (SFr) Subsidiary Bank
Debt Instrument [Line Items]
Cash paid for interest		$ 100,000	$ 100,000
Unsecured Debt | Swiss subsidiary
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		7,300,000	6,700,000	SFr 6,500,000	SFr 6,500,000
Outstanding borrowing amount		0	0
Revolving Credit Facility | Secured Debt | Credit Agreement Due on October 28, 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Uncommitted increase to borrowing capacity	$ 50,000,000
Credit facility matures date	Oct. 28, 2026
Loan drawn under the facility		0	0
Line of credit facility remaining borrowing capacity		99,700,000	99,700,000
Weighted average borrowings amount		$ 0	0
Letter of Credit
Debt Instrument [Line Items]
Credit facility matures date		Apr. 26, 2024
Outstanding borrowing amount		$ 300,000	$ 300,000
Letter of Credit | Secured Debt | Credit Agreement Due on October 28, 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 15,000,000
Letter of Credit | Unsecured Debt | Swiss subsidiary
Debt Instrument [Line Items]
Number of European banks guaranteed obligations to third parties | Bank		2	2	2	2
Number of foreign subsidiaries under guaranteed obligation | Subsidiary		2	2	2	2
Guaranteed obligations to third parties		$ 1,300,000	$ 1,200,000
Restricted deposit relates to lease agreement		$ 600,000	$ 600,000
Swingline | Secured Debt | Credit Agreement Due on October 28, 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	25,000,000
Swiss Borrowers | Secured Debt | Credit Agreement Due on October 28, 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) € in Millions, ¥ in Millions, £ in Millions, SFr in Millions	3 Months Ended
	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2023 EUR (€)	Apr. 30, 2023 CNY (¥)	Apr. 30, 2023 CHF (SFr)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 GBP (£)	Jan. 31, 2023 USD ($)
Derivatives Fair Value [Line Items]
Reclassify amounts from accumulated other comprehensive (loss)/income to net sales	$ (200,000)	$ 100,000
Cash flow hedge ineffectiveness	$ 0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax
Net deferred gains on derivative financial instruments designated as cash flow hedges included in accumulated other comprehensive (loss)/income		$ 1,400,000				$ (300,000)		$ (200,000)
Derivatives Designated As Hedging Instruments | Foreign Exchange Forward
Derivatives Fair Value [Line Items]
Net forward contracts hedging portfolio | €			€ 21
Derivatives Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivatives Fair Value [Line Items]
Net forward contracts hedging portfolio			€ 17.4	¥ 24.7	SFr 24	$ 17,100,000	£ 2.8
Maximum | Derivatives Designated As Hedging Instruments
Derivatives Fair Value [Line Items]
Expiry dates ranging	Jul. 27, 2023
Maximum | Derivatives Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivatives Fair Value [Line Items]
Expiry dates ranging	Sep. 14, 2023

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Financial Instruments Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Derivatives Designated As Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value			$ 1,761
Liability Derivatives, Fair Value	$ 351	$ 192
Derivatives Designated As Hedging Instruments | Other Current Assets | Foreign Exchange Contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value			1,761
Derivatives Designated As Hedging Instruments | Accrued Liabilities | Foreign Exchange Contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	351	192
Derivatives Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	591	1,146
Liability Derivatives, Fair Value			1,327
Derivatives Not Designated as Hedging Instrument | Other Current Assets | Foreign Exchange Contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 591	$ 1,146
Derivatives Not Designated as Hedging Instrument | Accrued Liabilities | Foreign Exchange Contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value			$ 1,327

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Assets:
Total assets measured at fair value	$ 76,240	$ 74,710	$ 73,424
Liabilities:
Total liabilities measured at fair value	45,653	44,634	45,610
Level 1
Assets:
Total assets measured at fair value	46,141	45,599	45,489
Liabilities:
Total liabilities measured at fair value	45,302	44,442	44,283
Level 2
Assets:
Total assets measured at fair value	591	1,146	1,761
Liabilities:
Total liabilities measured at fair value	351	192	1,327
Level 3
Assets:
Total assets measured at fair value	29,508	27,965	26,174
Liabilities:
Total liabilities measured at fair value	0	0	0
Other Current Assets | Available-for-sale securities
Assets:
Total assets measured at fair value	219	263	242
Other Current Assets | Short-term investment
Assets:
Total assets measured at fair value	153	156	162
Other Current Assets | Hedge derivatives-Assets
Assets:
Total assets measured at fair value	591	1,146	1,761
Other Current Assets | Level 1 | Available-for-sale securities
Assets:
Total assets measured at fair value	219	263	242
Other Current Assets | Level 1 | Short-term investment
Assets:
Total assets measured at fair value	153	156	162
Other Current Assets | Level 1 | Hedge derivatives-Assets
Assets:
Total assets measured at fair value	0	0	0
Other Current Assets | Level 2 | Available-for-sale securities
Assets:
Total assets measured at fair value	0	0	0
Other Current Assets | Level 2 | Short-term investment
Assets:
Total assets measured at fair value	0	0	0
Other Current Assets | Level 2 | Hedge derivatives-Assets
Assets:
Total assets measured at fair value	591	1,146	1,761
Other Current Assets | Level 3 | Available-for-sale securities
Assets:
Total assets measured at fair value	0	0	0
Other Current Assets | Level 3 | Short-term investment
Assets:
Total assets measured at fair value	0	0	0
Other Current Assets | Level 3 | Hedge derivatives-Assets
Assets:
Total assets measured at fair value	0	0	0
Other Non-current Assets | SERP assets - employer
Assets:
Total assets measured at fair value	467	738	802
Other Non-current Assets | SERP assets - employee
Assets:
Total assets measured at fair value	45,302	44,442	44,283
Other Non-current Assets | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value			26,174
Other Non-current Assets | Level 1 | SERP assets - employer
Assets:
Total assets measured at fair value	467	738	802
Other Non-current Assets | Level 1 | SERP assets - employee
Assets:
Total assets measured at fair value	45,302	44,442	44,283
Other Non-current Assets | Level 1 | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value			0
Other Non-current Assets | Level 2 | SERP assets - employer
Assets:
Total assets measured at fair value	0	0	0
Other Non-current Assets | Level 2 | SERP assets - employee
Assets:
Total assets measured at fair value	0	0	0
Other Non-current Assets | Level 2 | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value			0
Other Non-current Assets | Level 3 | SERP assets - employer
Assets:
Total assets measured at fair value	0	0	0
Other Non-current Assets | Level 3 | SERP assets - employee
Assets:
Total assets measured at fair value	0	0	0
Other Non-current Assets | Level 3 | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value			26,174
Other non-current liabilities | SERP liabilities - employee
Liabilities:
Total liabilities measured at fair value	45,302	44,442	44,283
Other non-current liabilities | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value	29,508	27,965
Other non-current liabilities | Level 1 | SERP liabilities - employee
Liabilities:
Total liabilities measured at fair value	45,302	44,442	44,283
Other non-current liabilities | Level 1 | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value	0	0
Other non-current liabilities | Level 2 | SERP liabilities - employee
Liabilities:
Total liabilities measured at fair value	0	0	0
Other non-current liabilities | Level 2 | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value	0	0
Other non-current liabilities | Level 3 | SERP liabilities - employee
Liabilities:
Total liabilities measured at fair value	0	0	0
Other non-current liabilities | Level 3 | Defined Benefit Plan Assets
Assets:
Total assets measured at fair value	29,508	27,965
Accrued Liabilities | Hedge derivatives-Liabilities
Liabilities:
Total liabilities measured at fair value	351	192	1,327
Accrued Liabilities | Level 1 | Hedge derivatives-Liabilities
Liabilities:
Total liabilities measured at fair value	0	0	0
Accrued Liabilities | Level 2 | Hedge derivatives-Liabilities
Liabilities:
Total liabilities measured at fair value	351	192	1,327
Accrued Liabilities | Level 3 | Hedge derivatives-Liabilities
Liabilities:
Total liabilities measured at fair value	$ 0	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 30, 2023	Jan. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Transfers into level 1 to level 2, assets	$ 0
Transfers into level 2 to level 1, assets	0
Transfers into level 1 to level 2, liabilities	0
Transfers into level 2 to level 1, liabilities	0
Investments	500,000
Transfers into level 3, assets	0
Transfers out of level 3, assets	0
Transfers into level 3, liabilities	0
Transfers out of level 3, liabilities	0
Investment in venture capital funds	$ 600,000	$ 5,300,000
Short-term investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, investment	The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of a percent calculated annually.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended
	Dec. 31, 2016 USD ($)
Loss Contingencies [Line Items]
Underpaid duty charges due to alternative duty methodology	$ 5.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 2,534,000	$ 6,011,000
Effective tax rate for continuing operations	21.50%	23.80%
Deferred tax liability, undistributed foreign earnings	$ 0
Undistributed foreign earnings	$ 261,900,000

Equity - Components of Equity (

Equity - Components of Equity (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2023	Apr. 30, 2022
Beginning Balance		$ 510,544	$ 474,775
Beginning Balance		0
Net income/(loss) attributable to Movado Group, Inc.		9,277	19,135
Dividends		(29,901)	(7,940)
Stock options exercised			(405)
Stock repurchase		(381)	(14,439)
Supplemental executive retirement plan		40	33
Stock-based compensation expense		1,597	1,343
Net unrealized (loss) on investments, net of tax (benefit)		(32)	(5)
Net change in effective portion of hedging contracts, net of tax (benefit) provision		(103)	1,228
Amortization of prior service cost, net of tax provision		15	14
Foreign currency translation adjustment	[1]	3,857	(11,521)
Ending Balance		494,913	462,218
Ending Balance		0	2,251
Common Stock | Common Stock Class Undefined
Beginning Balance	[2]	288	286
Stock options exercised	[2]		1
Ending Balance	[2]	288	287
Common Stock | Class A Common Stock
Beginning Balance	[3]	65	65
Ending Balance	[3]	65	65
Capital in Excess of Par Value
Beginning Balance		230,782	222,615
Stock options exercised			717
Supplemental executive retirement plan		40	33
Stock-based compensation expense		1,597	1,343
Ending Balance		232,419	224,708
Retained Earnings
Beginning Balance		476,752	413,587
Net income/(loss) attributable to Movado Group, Inc.		9,128	18,513
Dividends		(29,901)	(7,940)
Ending Balance		455,979	424,160
Accumulated Other Comprehensive Income
Beginning Balance		81,295	85,295
Net unrealized (loss) on investments, net of tax (benefit)		(32)	(5)
Net change in effective portion of hedging contracts, net of tax (benefit) provision		(103)	1,228
Amortization of prior service cost, net of tax provision		15	14
Foreign currency translation adjustment	[1]	4,002	(11,500)
Ending Balance		85,177	75,032
Treasury Stock
Beginning Balance		(281,576)	(249,040)
Stock options exercised			(1,123)
Stock repurchase		(381)	(14,439)
Ending Balance		(281,957)	(264,602)
Noncontrolling Interest
Beginning Balance		2,938	1,967
Net income/(loss) attributable to Movado Group, Inc.		149	622
Foreign currency translation adjustment	[1]	(145)	(21)
Ending Balance		$ 2,942	2,568
Redeemable Noncontrolling Interest
Beginning Balance			2,311
Net income/(loss) attributable to Movado Group, Inc.			119
Foreign currency translation adjustment	[1]		(179)
Ending Balance			$ 2,251
[1] The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries. Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders. Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation, as amended. The class A common stock is not publicly traded, and consequently, there is currently no established public trading market for these shares.

Equity - Components of Equity_2

Equity - Components of Equity (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 23, 2023	Mar. 23, 2023	Apr. 30, 2023	Apr. 30, 2022
Dividends per share	$ 1	$ 0.35	$ 1.35	$ 0.35
Net unrealized (loss) on investments, tax (benefit)			$ (11)	$ (2)
Net change in effective portion of hedging contracts, tax (benefit) provision			(20)	243
Amortization of prior service cost, tax provision			$ 4	$ 4
Common Stock Class Undefined
Common Stock, Voting Rights			Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.
Class A Common Stock
Common Stock, Voting Rights			Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders.
Common stock, Conversion basis				Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation, as amended.

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Nov. 23, 2021	Mar. 25, 2021
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, total cost of shares repurchased	$ 381,000	$ 14,439,000
Surrender of Shares by Employee
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares repurchased	0	28,405
March 25, 2021 Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized				$ 25,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 0
November 23, 2021 Share repurchase Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized			$ 50,000,000
Stock repurchase program, total cost of shares repurchased	$ 400,000
Stock repurchase program, number of shares repurchased	14,000
Stock repurchase program, average per share price of shares repurchased	$ 27.24
Stock repurchase program, remaining authorized repurchase amount			$ 20,600,000
March 25, 2021 and November 23, 2021 Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, total cost of shares repurchased		$ 14,400,000
Stock repurchase program, number of shares repurchased		378,380
Stock repurchase program, average per share price of shares repurchased		$ 38.16

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Component of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Foreign currency translation adjustments	$ 87,007	$ 83,005	$ 73,225
Available-for-sale securities	150	182	167
Hedging contracts	(274)	(171)	1,422
Total accumulated other comprehensive income	85,177	81,295	75,032
Unrecognized Prior Service Cost
Accumulated Other Comprehensive Income Loss [Line Items]
Defined benefit pension plan	(216)	(231)	(273)
Net Actuarial (Loss)/Gain
Accumulated Other Comprehensive Income Loss [Line Items]
Defined benefit pension plan	$ (1,490)	$ (1,490)	$ 491

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amount reclassified from accumulated other comprehensive income (loss)	$ (0.2)	$ 0.1

Revenue - Summary of Net Sales

Revenue - Summary of Net Sales Disaggregated by Customer Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Disaggregation Of Revenue [Line Items]
Net sales	$ 144,905	$ 163,424
Wholesale
Disaggregation Of Revenue [Line Items]
Net sales	114,848	128,617
Direct to consumer
Disaggregation Of Revenue [Line Items]
Net sales	29,169	33,748
After-sales service
Disaggregation Of Revenue [Line Items]
Net sales	$ 888	$ 1,059

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 04, 2013	Apr. 30, 2023	Apr. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 0.6	$ 0.4
Stock options exercised		0
Stock options granted		0
Unrecognized compensation cost related to unvested stock options		$ 2.4
Weighted-average period		1 year 6 months
Cash received for stock option exercises		$ 0	$ 0.7
Common stock tendered by employee for withholding tax obligation		0	28,405
Employee's withholding tax obligation		$ 0	$ 1.1
Stock Award Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 1	$ 0.9
Weighted-average period		2 years 4 months 24 days
Unrecognized compensation cost		$ 10.2
Fair value of stock award units vested		$ 0.8
Performance-Based Stock Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued percentage of target number of underlying stock award units		0%
Performance-Based Stock Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued percentage of target number of underlying stock award units		200%
Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares	11,000,000
Options granted to participants exercisable period	3 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Weighted Average Assumptions Used for Calculation of Fair Value of Stock Options Granted (Details)	3 Months Ended
	Apr. 30, 2023 $ / shares
Share-Based Payment Arrangement [Abstract]
Expected volatility	51.66%
Expected life in years	6 years
Risk-free interest rates	2.57%
Dividend rate	3%
Weighted average fair value per option at date of grant	$ 14.81

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2023	Jan. 31, 2023
Schedule of stock options activity
Outstanding Option Beginning Balance	1,085,029
Granted	0
Exercised	0
Forfeited	(7,900)
Outstanding Option Ending Balance	1,077,129	1,085,029
Exercisable	175,201	183,101
Expected to vest	884,590
Weighted Average Exercise Price per Option, Beginning Balance	$ 23.84
Granted, Weighted Average Exercise Price per Option	0
Exercised. Weighted Average Exercise Price per Option	0
Forfeited, Weighted Average Exercise Price per Option	30.34
Weighted Average Exercise Price per Option, Ending Balance	23.80	$ 23.84
Exercisable, Weighted Average Exercise Price per Option	32.57
Expected to vest, Weighted Average Exercise Price per Option	21.88
Option Price Per Share, Granted	0
Option Price Per Share, Exercised	0
Option Price Per Share, Forfeited	$ 30.34
Options outstanding, Weighted Average Remaining Contractual Term (years)	6 years 10 months 24 days	7 years 1 month 6 days
Exercisable, Weighted Average Remaining Contractual Term (years)	2 years 3 months 18 days
Expected to vest, Weighted Average Remaining Contractual Term (years)	7 years 9 months 18 days
Options outstanding, Aggregate Intrinsic Value	$ 5,679	$ 13,367
Exercisable, Aggregate Intrinsic Value	81
Expected to vest, Aggregate Intrinsic Value	$ 5,576
Minimum
Schedule of stock options activity
Option Price Per Share, Beginning Balance	$ 12.42
Option Price Per Share, Ending Balance	12.42	$ 12.42
Maximum
Schedule of stock options activity
Option Price Per Share, Beginning Balance	42.12
Option Price Per Share, Ending Balance	$ 42.12	$ 42.12

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Stock Options Activity (Parenthetical) (Details) - shares	Apr. 30, 2023	Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]
Exercisable	175,201	183,101

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Awards Activity (Details) - Stock Award Units $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2023 USD ($) $ / shares shares
Number of Stock Award Units
Stock Award Units, Beginning Balance | shares	294,148
Units granted | shares	298,770
Units vested | shares	(23,162)
Units forfeited | shares	0
Stock Award Units, Ending Balance | shares	569,756
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 28.84
Units granted, Weighted Average Grant Date Fair Value | $ / shares	28.61
Units vested, Weighted Average Grant Date Fair Value | $ / shares	34.76
Units forfeited, Weighted Average Grant Date Fair Value | $ / shares	0
Weighted Average Grant Date Fair Value Ending Balance | $ / shares	$ 28.48
Weighted-Average Remaining Contractual Term (years)
Units outstanding, Weighted-Average Remaining Contractual Term (years)	2 years 2 months 12 days
Aggregate Intrinsic Value
Units outstanding, Aggregate Intrinsic Value | $	$ 14,597

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2023 USD ($) Location Segment	Apr. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment	2
Number of geographic locations | Location	2
Net sales	$ 144,905	$ 163,424
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	$ 64,600	$ 96,200
Geographic Concentration Risk | Europe | Total net sales
Segment Reporting Information [Line Items]
International Operations Contribution	30.40%	34%
Geographic Concentration Risk | Middle East | Total net sales
Segment Reporting Information [Line Items]
International Operations Contribution	12.30%	10.10%
Geographic Concentration Risk | Americas (excluding the United States) | Total net sales
Segment Reporting Information [Line Items]
International Operations Contribution	12%	8.40%
Geographic Concentration Risk | Asia | Total net sales
Segment Reporting Information [Line Items]
International Operations Contribution	4.40%	4.50%

Segment and Geographic Inform_4

Segment and Geographic Information - Operating Segment Data (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Operating segment data
Net sales		$ 144,905	$ 163,424
Operating Income	[1]	10,899	25,294
Total Assets		741,496	739,984	$ 787,705
Watch and Accessory Brands
Operating segment data
Net sales		125,559	143,368
Operating Income	[1]	8,829	21,547
Total Assets		674,964	670,531	722,267
Watch and Accessory Brands | Owned brands category
Operating segment data
Net sales		45,132	53,170
Watch and Accessory Brands | Licensed brands category
Operating segment data
Net sales		80,207	88,840
Watch and Accessory Brands | After-sales service and all other
Operating segment data
Net sales		220	1,358
Company Stores
Operating segment data
Net sales		19,346	20,056
Operating Income	[1]	2,070	3,747
Total Assets		$ 66,532	$ 69,453	$ 65,438
[1] For both the three months ended April 30, 2023 and 2022, in the United States locations of the Watch and Accessory Brands segment, operating (loss)/income included a charge of $ 0.1 million of expenses related to the amortization of intangible assets and deferred compensation associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment for both the three months ended April 30, 2023 and 2022, operating income included a charge of $ 0.6 million and $ 0.7 million, respectively, of expenses related to the amortization of acquired intangible assets as a result of the Company’s acquisition of the Olivia Burton brand.

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Location Data (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales		$ 144,905	$ 163,424
Operating (Loss)/Income	[1]	10,899	25,294
Total Assets		741,496	739,984	$ 787,705
Property, Plant and Equipment, Net		19,075	18,434	18,699
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	[2]	59,209	70,223
Operating (Loss)/Income	[1],[2]	(6,961)	548
Total Assets		364,485	314,738	425,209
Property, Plant and Equipment, Net		12,982	12,876	13,422
International
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	[3]	85,696	93,201
Operating (Loss)/Income	[1],[3]	17,860	24,746
Total Assets		377,011	425,246	362,496
Property, Plant and Equipment, Net		$ 6,093	$ 5,558	$ 5,277
[1] For both the three months ended April 30, 2023 and 2022, in the United States locations of the Watch and Accessory Brands segment, operating (loss)/income included a charge of $ 0.1 million of expenses related to the amortization of intangible assets and deferred compensation associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment for both the three months ended April 30, 2023 and 2022, operating income included a charge of $ 0.6 million and $ 0.7 million, respectively, of expenses related to the amortization of acquired intangible assets as a result of the Company’s acquisition of the Olivia Burton brand. The United States operating (loss)/income included $ 11.4 million and $ 13.5 million of unallocated corporate expenses for the three months ended April 30, 2023 and 2022, respectively. The International operating income included $ 17.3 million and $ 19.1 million of certain intercompany profits related to the Company’s supply chain operations for the three months ended April 30, 2023 and 2022, respectively.

Segment and Geographic Inform_6

Segment and Geographic Information - Geographic Location Data (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
United States
Segment Reporting Information [Line Items]
Unallocated corporate expenses	$ 11.4	$ 13.5
United States | Watch and Accessory Brands | MVMT Watches, Inc.
Segment Reporting Information [Line Items]
Charge related to the amortization of intangible assets	0.1	0.1
International
Segment Reporting Information [Line Items]
Profits related to the company's supply chain operations	17.3	19.1
International | Watch and Accessory Brands | Olivia Burton Band
Segment Reporting Information [Line Items]
Charge related to the amortization of intangible assets	$ 0.6	$ 0.7