MOVADO GROUP INC — Director's Dealing 2004

Jan 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2004-01-02

Reporting Person: PHALEN MIRIAM GRINBERG (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-02	Class A Common Stock	$0	J	4780	Acquired		Common Stock (4780)	Direct
2004-01-02	Class A Common Stock	$0	J	366	Acquired		Common Stock (366)	Indirect
2004-01-02	Class A Common Stock	$0	J	366	Acquired		Common Stock (366)	Indirect

Footnotes

F1: 1 for 1

F2: Distribution by Grinberg Partners L.P. in which reporting person is a limited partner

F3: Immediately

F4: Not Applicable

F5: 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.

F6: By Adrian Phalen Trust

F7: By Nathan Phalen Trust