MOVADO GROUP INC — Director's Dealing 2007

Mar 7, 2007

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2007-01-31

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-04	Class A Common Stock	$	G	15000	Disposed		Common Stock (15000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Common Stock	$		Common Stock (2225924)	2225924	Indirect
Class A Common Stock	$		Common Stock (287672)	287672	Indirect
Class A Common Stock	$		Common Stock (184356)	184356	Indirect

Footnotes

F1: 1 for 1

F2: Immediately

F3: Not applicable

F4: By Grinberg Partners L.P. The reporting person disclaims beneficial ownership of these shares except
to the extent of his pecuniary interest therein.