Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jan. 31, 2023 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | MOVADO GROUP INC |
Entity Central Index Key | 0000072573 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE The following table sets forth the pay versus performance disclosure required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K. The Compensation and Human Capital Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to the “Compensation Discussion and Analysis,” above. (a) (b) (c) (d) (e) (f) (g) (h) (i) Year Summary Comp. Table Total for CEO (1) Comp. Actually Paid to CEO (2) Average Summary Comp. Table Total for Non- CEO NEOs (3) Average Comp. Actually Paid to Non-CEO NEOs (4) Value of Initial Fixed $100 Investment Based On: Net Income (7) Adjusted Operating Income (8) TSR (5) Peer Group TSR (6) FY23 $5,062,875 $ 4,260,124 $1,161,122 $ 947,625 220.54 124.26 $ 94,528,000 $123,204,000 FY22 $7,212,004 $11,626,776 $1,262,676 $2,411,382 221.92 128.61 $ 91,599,000 $119,711,000 FY21 $3,563,463 $ 3,776,556 $1,003,171 $1,234,019 120.56 130.17 $(111,518,000) $ 30,724,000 (1) The dollar amounts reported in column (b) are the amounts of total compensation reported for the CEO for each corresponding year in the “Total Compensation” column of the Summary Compensation Table. Mr. Grinberg was our only CEO for each such year. (2) The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to the CEO, as computed in accordance with Item 402(v) of Regulation S-K (the “CAP”). CAP does not reflect the actual amount of compensation earned by or paid to the CEO during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the CEO’s total compensation for each year to determine his CAP. (RSU and stock option values were computed in accordance with FASB ASC Topic 718 as of the dates indicated, with the options using similar assumptions as set forth in the “Stock-Based Compensation” note to the Company’s consolidated financial statements included in Form 10-K for the applicable fiscal year.) Year Summary Comp. Table Total for CEO Minus RSU Grant Date Fair Values Minus Option Grant Date Fair Values Plus FYE Fair Value of RSUs Granted During FY23 that Remained Unvested as of FYE Plus FYE Fair Value of Options Granted During FY23 that Remained Unvested as of FYE Plus Change in Fair Value of Unvested RSUs from End of FY22 to End of FY23 Plus Change in Fair Value of Unvested Options from End of FY22 to End of FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of RSUs that Vested in FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of Options that Vested in FY23 Compensation Actually Paid to CEO FY23 $5,062,875 $937,496 $ 937,503 $ 871,447 $ 706,450 $(58,046) $ (526,258) $ 78,653 $ — $ 4,260,124 FY22 $7,212,004 $937,561 $ 939,319 $1,258,341 $1,382,809 $520,443 $2,478,000 $ 652,059 $ — $11,626,776 FY21 $3,563,463 $ — $1,086,000 $ — $1,320,000 $326,453 $ — $(209,839) $(137,520) $ 3,776,556 (3) The dollar amounts reported in column (d) represent the average of the amounts reported for the non-CEO NEOs as a group for each corresponding year in the “Total” column of the Summary Compensation Table. Ms. DeMarsilis, Mr. Soltani, Mr. Sussis and Ms. D’Elia were our only non-CEO NEOs for each such year. (4) The dollar amounts reported in column (e) represent the average of the CAP amounts for the non-CEO NEOs, as computed in accordance with Item 402(v) of Regulation S-K. The CAP amounts do not reflect the actual average amount of compensation earned by or paid to the Non-CEO NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the Non-CEO NEOs for each year to determine their CAP. (RSU and stock option values are computed in accordance with FASB ASC Topic 718 as of the dates indicated, with the options using similar assumptions as set forth in the “Stock-Based Compensation” note to the Company’s consolidated financial statements included in Form 10-K for the applicable fiscal year.) Year Summary Comp. Table Non- CEO NEOs Average Total Minus RSU Grant Date Fair Values Minus Option Grant Date Fair Values Plus FYE Fair Value of RSUs Granted During FY23 that Remained Unvested as of FYE Plus FYE Fair Value of Options Granted During FY23 that Remained Unvested as of FYE Plus Change in Fair Value of Unvested RSUs from End of FY22 to End of FY23 Plus Change in Fair Value of Unvested Options from End of FY22 to End of FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of RSUs that Vested in FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of Options that Vested in FY23 Average Compensation Actually Paid to Non-CEO NEOs FY23 $1,161,122 $156,944 $156,934 $145,887 $118,257 $(15,751) $(157,243) $ 9,232 $ — $ 947,625 FY22 $1,262,676 $123,220 $123,451 $165,379 $181,737 $139,034 $ 852,155 $ 57,072 $ — $2,411,382 FY21 $1,003,171 $ 80,133 $272,235 $ 98,135 $489,200 $ 35,862 $ — $(23,938) $(16,044) $1,234,019 (5) TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. (6) Represents the TSR, calculated in the same manner as set forth in note (5) immediately above, for the Russell 2000 Index, which is the peer group we utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2023. (7) The dollar amounts represent the amount of net income reported in the Company’s audited financial statements for the applicable year after eliminating net income attributable to noncontrolling interests. (8) The dollar amounts represent Adjusted Operating Income, which the Company defines as operating income reported in the Company’s audited financial statements, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions and corporate initiatives. The detailed adjustments for each fiscal year can be found in the Company’s Annual Report on Form 10-K for such year. The Company has determined that Adjusted Operating Income is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance. | ||
Company Selected Measure Name | Adjusted Operating Income | ||
Named Executive Officers, Footnote [Text Block] | (3) The dollar amounts reported in column (d) represent the average of the amounts reported for the non-CEO NEOs as a group for each corresponding year in the “Total” column of the Summary Compensation Table. Ms. DeMarsilis, Mr. Soltani, Mr. Sussis and Ms. D’Elia were our only non-CEO NEOs for each such year. | ||
Peer Group Issuers, Footnote [Text Block] | (6) Represents the TSR, calculated in the same manner as set forth in note (5) immediately above, for the Russell 2000 Index, which is the peer group we utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2023. | ||
PEO Total Compensation Amount | $ 5,062,875 | $ 7,212,004 | $ 3,563,463 |
PEO Actually Paid Compensation Amount | $ 4,260,124 | 11,626,776 | 3,776,556 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to the CEO, as computed in accordance with Item 402(v) of Regulation S-K (the “CAP”). CAP does not reflect the actual amount of compensation earned by or paid to the CEO during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the CEO’s total compensation for each year to determine his CAP. (RSU and stock option values were computed in accordance with FASB ASC Topic 718 as of the dates indicated, with the options using similar assumptions as set forth in the “Stock-Based Compensation” note to the Company’s consolidated financial statements included in Form 10-K for the applicable fiscal year.) Year Summary Comp. Table Total for CEO Minus RSU Grant Date Fair Values Minus Option Grant Date Fair Values Plus FYE Fair Value of RSUs Granted During FY23 that Remained Unvested as of FYE Plus FYE Fair Value of Options Granted During FY23 that Remained Unvested as of FYE Plus Change in Fair Value of Unvested RSUs from End of FY22 to End of FY23 Plus Change in Fair Value of Unvested Options from End of FY22 to End of FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of RSUs that Vested in FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of Options that Vested in FY23 Compensation Actually Paid to CEO FY23 $5,062,875 $937,496 $ 937,503 $ 871,447 $ 706,450 $(58,046) $ (526,258) $ 78,653 $ — $ 4,260,124 FY22 $7,212,004 $937,561 $ 939,319 $1,258,341 $1,382,809 $520,443 $2,478,000 $ 652,059 $ — $11,626,776 FY21 $3,563,463 $ — $1,086,000 $ — $1,320,000 $326,453 $ — $(209,839) $(137,520) $ 3,776,556 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,161,122 | 1,262,676 | 1,003,171 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 947,625 | 2,411,382 | 1,234,019 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (4) The dollar amounts reported in column (e) represent the average of the CAP amounts for the non-CEO NEOs, as computed in accordance with Item 402(v) of Regulation S-K. The CAP amounts do not reflect the actual average amount of compensation earned by or paid to the Non-CEO NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the Non-CEO NEOs for each year to determine their CAP. (RSU and stock option values are computed in accordance with FASB ASC Topic 718 as of the dates indicated, with the options using similar assumptions as set forth in the “Stock-Based Compensation” note to the Company’s consolidated financial statements included in Form 10-K for the applicable fiscal year.) Year Summary Comp. Table Non- CEO NEOs Average Total Minus RSU Grant Date Fair Values Minus Option Grant Date Fair Values Plus FYE Fair Value of RSUs Granted During FY23 that Remained Unvested as of FYE Plus FYE Fair Value of Options Granted During FY23 that Remained Unvested as of FYE Plus Change in Fair Value of Unvested RSUs from End of FY22 to End of FY23 Plus Change in Fair Value of Unvested Options from End of FY22 to End of FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of RSUs that Vested in FY23 Plus Change in Fair Value from End of FY22 to Vesting Date of Options that Vested in FY23 Average Compensation Actually Paid to Non-CEO NEOs FY23 $1,161,122 $156,944 $156,934 $145,887 $118,257 $(15,751) $(157,243) $ 9,232 $ — $ 947,625 FY22 $1,262,676 $123,220 $123,451 $165,379 $181,737 $139,034 $ 852,155 $ 57,072 $ — $2,411,382 FY21 $1,003,171 $ 80,133 $272,235 $ 98,135 $489,200 $ 35,862 $ — $(23,938) $(16,044) $1,234,019 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Required Disclosures Regarding the Relationships Between CAP and Certain Performance Metrics In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between information presented in the Pay Versus Performance table. CAP vs. Cumulative TSR The following graph demonstrates the relationship of the “compensation actually paid” (CAP) for the CEO and the average CAP for the non-CEO NEOs to the Company’s cumulative TSR and the cumulative TSR of the Russell 2000 Index (which is the peer group used in the Pay Versus Performance table) over the three years presented in the table. | ||
Compensation Actually Paid vs. Net Income [Text Block] | Required Disclosures Regarding the Relationships Between CAP and Certain Performance Metrics In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between information presented in the Pay Versus Performance table. CAP vs. Net Income and Adjusted Operating Income The following graph demonstrates the relationship of the CAP for the CEO and the average CAP for the non-CEO NEOs to the Company’s Net Income and Adjusted Operating Income over the three years presented in the table. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Required Disclosures Regarding the Relationships Between CAP and Certain Performance Metrics In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between information presented in the Pay Versus Performance table. CAP vs. Net Income and Adjusted Operating Income The following graph demonstrates the relationship of the CAP for the CEO and the average CAP for the non-CEO NEOs to the Company’s Net Income and Adjusted Operating Income over the three years presented in the table. | ||
Total Shareholder Return Vs Peer Group [Text Block] | Required Disclosures Regarding the Relationships Between CAP and Certain Performance Metrics In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between information presented in the Pay Versus Performance table. CAP vs. Cumulative TSR The following graph demonstrates the relationship of the “compensation actually paid” (CAP) for the CEO and the average CAP for the non-CEO NEOs to the Company’s cumulative TSR and the cumulative TSR of the Russell 2000 Index (which is the peer group used in the Pay Versus Performance table) over the three years presented in the table. | ||
Tabular List [Table Text Block] | Financial Performance Measures In accordance with Item 402(v) of Regulation S-K, the Company is disclosing the three most important financial performance measures used by the Company to link compensation actually paid to our NEOs for fiscal year 2023. Such measures were (unranked): • Adjusted operating income • Net sales • Net cash provided by operating activities | ||
Total Shareholder Return Amount | $ 220.54 | 221.92 | 120.56 |
Peer Group Total Shareholder Return Amount | 124.26 | 128.61 | 130.17 |
Net Income (Loss) | $ 94,528,000 | $ 91,599,000 | $ (111,518,000) |
Company Selected Measure Amount | 123,204,000 | 119,711,000 | 30,724,000 |
PEO Name | Mr. Grinberg | Mr. Grinberg | Mr. Grinberg |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted operating income | ||
Non-GAAP Measure Description [Text Block] | (8) The dollar amounts represent Adjusted Operating Income, which the Company defines as operating income reported in the Company’s audited financial statements, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions and corporate initiatives. The detailed adjustments for each fiscal year can be found in the Company’s Annual Report on Form 10-K for such year. The Company has determined that Adjusted Operating Income is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net sales | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net cash provided by operating activities | ||
PEO [Member] | RSU Grant Date Fair Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (937,496) | $ (937,561) | $ 0 |
PEO [Member] | Option Grant Date Fair Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (937,503) | (939,319) | (1,086,000) |
PEO [Member] | FYE Fair Value of RSUs Granted During FY23 that Remained Unvested as of FYE [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 871,447 | 1,258,341 | 0 |
PEO [Member] | FYE Fair Value of Options Granted During FY23 that Remained Unvested as of FYE [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 706,450 | 1,382,809 | 1,320,000 |
PEO [Member] | Change in Fair Value of Unvested RSUs from End of FY22 to End of FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (58,046) | 520,443 | 326,453 |
PEO [Member] | Change in Fair Value of Unvested Options from End of FY22 to End of FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (526,258) | 2,478,000 | 0 |
PEO [Member] | Change in Fair Value from End of FY22 to Vesting Date of RSUs that Vested in FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 78,653 | 652,059 | (209,839) |
PEO [Member] | Change in Fair Value from End of FY22 to Vesting Date of Options that Vested in FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | (137,520) |
Non-PEO NEO [Member] | RSU Grant Date Fair Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (156,944) | (123,220) | (80,133) |
Non-PEO NEO [Member] | Option Grant Date Fair Values [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (156,934) | (123,451) | (272,235) |
Non-PEO NEO [Member] | FYE Fair Value of RSUs Granted During FY23 that Remained Unvested as of FYE [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 145,887 | 165,379 | 98,135 |
Non-PEO NEO [Member] | FYE Fair Value of Options Granted During FY23 that Remained Unvested as of FYE [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 118,257 | 181,737 | 489,200 |
Non-PEO NEO [Member] | Change in Fair Value of Unvested RSUs from End of FY22 to End of FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (15,751) | 139,034 | 35,862 |
Non-PEO NEO [Member] | Change in Fair Value of Unvested Options from End of FY22 to End of FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (157,243) | 852,155 | 0 |
Non-PEO NEO [Member] | Change in Fair Value from End of FY22 to Vesting Date of RSUs that Vested in FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 9,232 | 57,072 | (23,938) |
Non-PEO NEO [Member] | Change in Fair Value from End of FY22 to Vesting Date of Options that Vested in FY23 [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ 0 | $ (16,044) |