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 GEDALIO (Director, Chairman, 10% Owner)

Derivative Transactions

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

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Common Stock	$		Common Stock (38000)	38000	Indirect
Class A Common Stock	$		Common Stock (1446560)	1446560	Direct
Class A Common Stock	$		Common Stock (246366)	246366	Indirect

Footnotes

F1: 1 for 1

F2: Represents disposition 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, 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 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 his pecuniary interest therein.

F8: Reporting person disclaims beneficial ownership of all securities held by his wife and this report shall not be deemed an
admission that the reporting person is a beneficial owner of such securities for purposes of section 16 or for any other
purpose.