MOVADO GROUP INC — Director's Dealing 2004

Sep 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2004-09-13

Reporting Person: GRINBERG EFRAIM (Director, President - CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-13	Class A Common Stock	$	P	2531354	Acquired		Common Stock (2531354)	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Common Stock	$		Common Stock (733562)	733562	Direct

Footnotes

F1: 1 for 1

F2: Represents acquisition by reporting person of 98.0645% interest in Grinberg Group Partners, the general partner of Grinberg
Partners L.P.

F3: All share amounts are adjusted to reflect a stock dividend of one share of class A common stock for each issued share of
class A common stock that was paid on June 25, 2004.

F4: Immediately

F5: Not Applicable

F6: $176,500 payable on September 12, 2013 with interest at 3.84% per annum

F7: By Grinberg Partners L.P. The reporting person disclaims beneficial ownership of these securities except to the extent of his
pecuniary interest therein. The reporting person also has an indirect pecuniary interest in an additional 472,028 shares of
Class A Common Stock, of which 287,672 are owned by a trust and 184,356 shares are owned by another trust, for both of which
the reporting person is the beneficiary.