MOVADO GROUP INC — Director's Dealing 2004

Jan 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2004-01-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-14	Common Stock	S	1100	$31.06	Disposed	81647	Direct
2004-01-14	Common Stock	S	900	$31.07	Disposed	80747	Direct
2004-01-14	Common Stock	S	1800	$31.10	Disposed	78947	Direct
2004-01-14	Common Stock	S	500	$31.11	Disposed	78447	Direct
2004-01-14	Common Stock	S	400	$31.12	Disposed	78047	Direct
2004-01-14	Common Stock	S	200	$31.13	Disposed	77848	Direct
2004-01-14	Common Stock	S	100	$31.20	Disposed	77747	Direct
2004-01-14	Common Stock	M	55543	$23.88	Acquired	133290	Direct
2004-01-14	Common Stock	F	4901	$31.15	Disposed	128389	Direct
2004-01-14	Common Stock	D	42580	$31.15	Disposed	85809	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-14	Employee Stock Option	$23.88	M	55543	Disposed	2011-03-16	Common Stock (55543)	Direct
2004-01-14	Class A Common Stock	$	F	42580	Disposed		Common Stock (42580)	Direct
2004-01-14	Class A Common Stock	$	A	42580	Acquired		Common Stock (42580)	Direct
2004-01-14	Employee Stock Option	$31.15	A	47481	Acquired	2011-03-16	Common Stock (47481)	Direct

Footnotes

F1: 1 for 1.

F2: Immediately

F3: Not Applicable

F4: The reporting person also has an indirect pecuniary interest in an additional 236,014 shares of Class A Common Stock, of which 143,836 are owned by a trust and 92,178 shares are owned by another trust, for both of which the reporting person is the beneficiary.