MOVADO GROUP INC — Director's Dealing 2007

May 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2007-04-30

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-30	Employee Stock Option	$32.92	A	40000	Acquired	2017-04-30	Common Stock (40000)	Direct

Footnotes

F1: The option vests in three equal annual installments beginning on April 20, 2008.