MOVADO GROUP INC — Director's Dealing 2004

Jan 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2004-01-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-09	Common Stock	M	66667	$20.13	Acquired	114173	Direct
2004-01-09	Common Stock	F	8435	$30.06	Disposed	105738	Direct
2004-01-09	Common Stock	D	44652	$30.06	Disposed	61068	Direct
2004-01-09	Common Stock	M	66667	$21.57	Acquired	127735	Direct
2004-01-09	Common Stock	F	7115	$30.06	Disposed	120620	Direct
2004-01-09	Common Stock	D	47846	$30.06	Disposed	72774	Direct
2004-01-09	Common Stock	M	53874	$21.11	Acquired	126648	Direct
2004-01-09	Common Stock	F	6061	$30.06	Disposed	120587	Direct
2004-01-09	Common Stock	D	37840	$30.06	Disposed	82747	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-09	Employee Stock Option	$20.13	M	66667	Disposed	2011-03-16	Common Stock (66667)	Direct
2004-01-09	Class A Common Stock	$	F	44652	Disposed		Common Stock (44652)	Direct
2004-01-09	Class A Common Stock	$	A	44652	Acquired		Common Stock (44652)	Direct
2004-01-09	Employee Stock Option	$30.06	A	53087	Acquired	2011-03-16	Common Stock (53087)	Direct
2004-01-09	Employee Stock Option	$21.57	M	66667	Disposed	2011-03-16	Common Stock (66667)	Direct
2004-01-09	Class A Common Stock	$	F	47846	Disposed		Common Stock (47846)	Direct
2004-01-09	Class A Common Stock	$	A	47846	Acquired		Common Stock (47846)	Direct
2004-01-09	Employee Stock Option	$30.06	A	54961	Acquired	2011-03-16	Common Stock (54961)	Direct
2004-01-09	Employee Stock Option	$21.11	M	53874	Disposed	2011-03-16	Common Stock (53874)	Direct
2004-01-09	Class A Common Stock	$	F	37840	Disposed		Common Stock (37840)	Direct
2004-01-09	Class A Common Stock	$	A	37840	Acquired		Common Stock (37840)	Direct
2004-01-09	Employee Stock Option	$30.06	A	43901	Acquired	2011-03-16	Common Stock (43901)	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.