EXHIBIT 99.2
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[LOGO - MOVADO GROUP INC.]
CONTACT: Investor Relations
Suzanne Rosenberg
Vice President, Corporate Communications
201-267-8000
Financial Dynamics
Leigh Parrish/Melissa Merrill
212-850-5600
FOR IMMEDIATE RELEASE
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MOVADO GROUP, INC. ANNOUNCES 33% QUARTERLY DIVIDEND INCREASE
PARAMUS, NJ - MARCH 29, 2007 -- MOVADO GROUP, INC. (NYSE: MOV), today
announced its Board of Directors has approved an increase in the Company's
quarterly dividend to $0.08 per share. The increased dividend rate will be
effective commencing with the regular quarterly dividend payable on April 30,
2007 to shareholders of record as of April 16, 2007. On an annualized basis,
the new dividend rate would increase to $0.32 per share from $0.24 per share.
Efraim Grinberg, President and Chief Executive Officer, stated, "Our
company has a powerful and diverse portfolio of brands that we believe will
continue to grow globally. The 33% increase in our dividend marks the seventh
consecutive year of increasing our quarterly dividend; underscores our
company's strong cash flow and financial position; and demonstrates our
on-going commitment to building value for our shareholders."
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel,
Concord, ESQ, Coach, Tommy Hilfiger, HUGO BOSS, Juicy Couture and LACOSTE
watches worldwide, and operates Movado boutiques and company stores in the
United States.
THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THE COMPANY
HAS TRIED, WHENEVER POSSIBLE, TO IDENTIFY THESE FORWARD-LOOKING STATEMENTS
USING WORDS SUCH AS "EXPECTS," "ANTICIPATES," "BELIEVES," "TARGETS," "GOALS,"
"PROJECTS," "INTENDS," "PLANS," "SEEKS," "ESTIMATES," "MAY," "WILL," "SHOULD"
AND SIMILAR EXPRESSIONS. SIMILARLY, STATEMENTS IN THIS PRESS RELEASE THAT
DESCRIBE THE COMPANY'S BUSINESS STRATEGY, OUTLOOK, OBJECTIVES, PLANS,
INTENTIONS OR GOALS ARE ALSO FORWARD-LOOKING STATEMENTS. ACCORDINGLY, SUCH
FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND
OTHER FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS AND LEVELS OF FUTURE DIVIDENDS TO DIFFER MATERIALLY FROM THOSE
EXPRESSED IN, OR IMPLIED BY, THESE STATEMENTS. THESE RISKS AND UNCERTAINTIES
MAY INCLUDE, BUT ARE NOT LIMITED TO: THE COMPANY'S ABILITY TO SUCCESSFULLY
INTRODUCE AND SELL NEW PRODUCTS, THE COMPANY'S ABILITY TO SUCCESSFULLY
INTEGRATE THE OPERATIONS OF NEWLY ACQUIRED AND/OR LICENSED BRANDS WITHOUT
DISRUPTION TO ITS OTHER BUSINESS ACTIVITIES, CHANGES IN CONSUMER DEMAND FOR THE
COMPANY'S PRODUCTS, RISKS RELATING TO THE FASHION AND RETAIL INDUSTRY, IMPORT
RESTRICTIONS, COMPETITION, SEASONALITY, COMMODITY PRICE AND EXCHANGE RATE
FLUCTUATIONS, CHANGES IN LOCAL OR GLOBAL ECONOMIC CONDITIONS, AND THE OTHER
FACTORS DISCUSSED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K AND OTHER FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION. THESE STATEMENTS REFLECT THE
COMPANY'S CURRENT BELIEFS AND ARE BASED UPON INFORMATION CURRENTLY AVAILABLE TO
IT. BE ADVISED THAT DEVELOPMENTS SUBSEQUENT TO THIS PRESS RELEASE ARE LIKELY TO
CAUSE THESE STATEMENTS TO BECOME OUTDATED WITH THE PASSAGE OF TIME.
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