MOVADO GROUP INC — Director's Dealing 2003

Oct 2, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2003-09-30

Reporting Person: PHALEN MIRIAM GRINBERG (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Phantom Stock Unit	$0	A	12.89	Acquired	1988-08-08	Common Stock (12.89)	Indirect

Footnotes

F1: Phantom stock units acquired under issuer's Deferred Compensation Plan for $21.90 per share. Distributable in equal annual installments for 10 years following date of reporting person's termination of employment with issuer.