MOVADO GROUP INC — Director's Dealing 2003

Dec 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2003-12-26

Reporting Person: PHALEN MIRIAM GRINBERG (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-26	Class A Common Stock	$0	G	776	Acquired	1988-08-08	Common Stock (776)	Indirect
2003-12-26	Class A Common Stock	$0	G	776	Acquired	1988-08-08	Common Stock (776)	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Common Stock	$0	1988-08-08	Common Stock (140017)	140017	Direct
Class A Common Stock	$0	1988-08-08	Common Stock (19000)	19000	Indirect
Class A Common Stock	$0	1988-08-08	Common Stock (92178)	92178	Indirect
Class A Common Stock	$0	1988-08-08	Common Stock (143817)	143817	Indirect

Footnotes

F1: 1 for 1

F2: Immediately

F3: Not Applicable

F4: By Adrian Phalen Trust

F5: By Nathan Phalen Trust

F6: By CAP I Partners, L.P. The reporting person disclaims beneficial ownership of the shares held by CAP I Partners, L.P. except to the extent of her pecuniary interest therein.