MOVADO GROUP INC — Director's Dealing 2004

Sep 14, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2004-09-10

Reporting Person: PHALEN MIRIAM GRINBERG (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-10	Common Stock	M	8334	$7.19	Acquired	25348	Indirect
2004-09-10	Common Stock	F	5123	$17.09	Disposed	20225	Indirect
2004-09-10	Common Stock	M	4166	$9.73	Acquired	24391	Indirect
2004-09-10	Common Stock	F	2973	$17.09	Disposed	21418	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-10	Employee Stock Option	$7.19	M	8334	Disposed	2011-03-16	Common Stock (8334)	Indirect
2004-09-10	Employee Stock Option	$17.09	A	5123	Acquired	2011-03-16	Common Stock (5123)	Indirect
2004-09-10	Employee Stock Option	$9.73	M	4166	Disposed	2012-03-11	Common Stock (4166)	Indirect
2004-09-10	Employee Stock Option	$17.09	A	2973	Acquired	2012-03-11	Common Stock (2973)	Indirect

Footnotes

F1: On March 10, 2004 the Issuer's Board of Directors approved a stock dividend, contingent on shareholder approval which was
obtained on June 17, 2004, of one share of common stock for each issued share of common stock , payable on June 25, 2004 to
each shareholder of record as of June 11, 2004. As a result, the reporting person received 8,507 shares of common stock on
June 25, 2004. At the same time, pursuant to anti-dilution provisions of the Issuer's stock incentive plan, options
previously reported as exercisable at $14.38 per share for 4,167 shares and $19.47 per share for 4,166 shares, became
exercisable at $7.19 per share for 8,334 shares and $9.73 for 8,332 shares.