MOVADO GROUP INC — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MOVADO GROUP INC (MOV)
CIK: 0000072573
Period of Report: 2011-01-03

Reporting Person: PHALEN MIRIAM GRINBERG (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	Common Stock	M	4414	$14.61	Acquired	23080	Indirect
2011-01-03	Common Stock	S	4163	$16.37	Disposed	18917	Indirect
2011-01-03	Common Stock	M	3274	$11.33	Acquired	22191	Indirect
2011-01-03	Common Stock	S	2718	$16.39	Disposed	19473	Indirect
2011-01-03	Common Stock	M	3956	$14.61	Acquired	23429	Indirect
2011-01-03	Common Stock	S	3726	$16.41	Disposed	19703	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	Non-Qualified Stock Option (right to buy)	$14.61	M	4414	Disposed	2011-03-16	Common Stock (4414)	Indirect
2011-01-03	Non-Qualified Stock Option (right to buy)	$11.33	M	3274	Disposed	2011-03-16	Common Stock (3274)	Indirect
2011-01-03	Non-Qualified Stock Option (right to buy)	$14.61	M	3956	Disposed	2011-03-16	Common Stock (3956)	Indirect

Footnotes

F1: The price in column 4 is a weighted average price. The 4,163 shares were sold in multiple transactions at prices ranging from
$16.33 to $16.37, inclusive. The 2,718 shares were sold in multiple transactions at prices ranging from $16.30 to $16.39,
inclusive. The 3,726 shares were sold in multiple transactions at prices ranging from $16.35 to $16.54, inclusive. The
reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information
regarding the number of shares sold at each price within each range.