MOVADO GROUP’S PRESIDENT TO DEPART AMONG ORGANIZATIONAL CHANGES

Movado Group, Inc. has announced a streamlining of its organization in which its president, Ricardo Quintero, will depart from the company. Quintero’s responsibilities will be assumed by members of the senior management team and he will remain with the company through April 30 to ensure a smooth transition.

“Ricardo has helped mentor a highly talented organization leading our brand, marketing and global commercial efforts, that will continue to execute our strategies and position Movado Group for growth,” said Efraim Grinberg, chairman and chief executive officer of Movado Group. “I want to thank Ricardo for his many contributions since joining Movado Group in 2014 especially in helping us grow our international business. Ricardo is an accomplished leader and we wish him the best in his future endeavors. As we look ahead, we remain focused on delivering great product and enhancing our digital footprint while efficiently managing our costs. We believe that these initiatives are the key to driving shareholder value.”

“I am proud of all that we have accomplished at Movado Group during a difficult period for the watch industry and I would like to thank our talented team and global partners for their efforts,” added Quintero. “I have great confidence in Movado Group’s portfolio of brands, strategic direction and people, and I believe the Company has many exciting opportunities for the future.”

Movado Group designs, sources, and distributes Movado, Coach, Tommy Hilfiger, Hugo Boss, and Lacoste watches worldwide, and operates Movado company stores in the United States.