MOVADO GROUP INC — Director's Dealing 2006

Jun 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2006-06-26

Reporting Person: GRINBERG GEDALIO (Director, Chairman)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-06-26	Class A Common Stock	$	S	900	Disposed		Common Stock (900)	Direct
2006-06-26	Class A Common Stock	$	S	100	Disposed		Common Stock (100)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Common Stock	$		Common Stock (0)	442708	Indirect

Footnotes

F1: 1 for 1.

F2: Immediately.

F3: Not Applicable.

F4: The reporting person also has an indirect pecuniary interest in an additional 38,000 shares of Class A Common Stock owned by
CAP I Partners, L.P. The reporting person disclaims beneficial ownership of the shares held by CAP I Partners L.P. except to
the extent of his pecuniary interest therein.

F5: Reporting person disclaims beneficial ownership of all securities held by his wife and this report shall not be deemed an
admission that the reporting person is a beneficial owner of such securities for purposes of section 16 or for any other
purpose.