MOVADO GROUP INC — Director's Dealing 2004

Jan 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2004-01-07

Reporting Person: PHALEN MIRIAM GRINBERG (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-07	Common Stock	M	2851	$14.38	Acquired	8122	Indirect
2004-01-07	Common Stock	F	1978	$29.23	Disposed	6144	Indirect
2004-01-07	Common Stock	M	2084	$19.47	Acquired	8228	Indirect
2004-01-07	Common Stock	F	1144	$29.23	Disposed	7084	Indirect
2004-01-07	Common Stock	D	521	$29.23	Disposed	6563	Indirect
2004-01-07	Common Stock	M	2551	$22.67	Acquired	9114	Indirect
2004-01-07	Common Stock	F	228	$29.23	Disposed	8886	Indirect
2004-01-07	Common Stock	D	1979	$29.23	Disposed	6907	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-07	Employee Stock Option	$14.38	M	2851	Disposed	2011-03-16	Common Stock (2851)	Indirect
2004-01-07	Employee Stock Option	$29.23	A	1978	Acquired	2011-03-16	Common Stock (1978)	Indirect
2004-01-07	Employee Stock Option	$19.47	M	2084	Disposed	2012-03-11	Common Stock (2084)	Indirect
2004-01-07	Employee Stock Option	$29.23	A	1665	Acquired	2012-03-11	Common Stock (1665)	Indirect
2004-01-07	Class A Common Stock	$	F	521	Disposed		Common Stock (521)	Indirect
2004-01-07	Class A Common Stock	$	A	521	Acquired		Common Stock (521)	Indirect
2004-01-07	Employee Stock Option	$22.67	M	2551	Disposed	2011-03-16	Common Stock (2551)	Indirect
2004-01-07	Employee Stock Option	$29.23	A	2207	Acquired	2011-03-16	Common Stock (2207)	Indirect
2004-01-07	Class A Common Stock	$	F	1979	Disposed		Common Stock (1979)	Indirect
2004-01-07	Class A Common Stock	$	A	1979	Acquired		Common Stock (1979)	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Common Stock	$		Common Stock (144797)	144797	Direct
Class A Common Stock	$		Common Stock (18222)	18222	Indirect
Class A Common Stock	$		Common Stock (18201)	18201	Indirect

Footnotes

F1: 1 for 1

F2: Immediately

F3: Not Applicable

F4: The reporting person also has an indirect pecuniary interest in an additional 254,995 shares of Class A Common Stock, of which (i) 92,178 are owned by a trust and 143,817 are owned by another trust, for both of which trusts the reporting person is the beneficiary and (ii) 19,000 are owned by CAP I Partners, L.P. in which the reporting person is a limited partner. The reporting person disclaims beneficial ownership of the shares held by CAP I Partners, L.P., except to the extent of her pecuniary interest therein.

F5: By Adrian Phalen Trust

F6: By Nathan Phalen Trust.