Gedalio Grinberg of Movado Group to Retire

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September 4, 2008, Paramus, N.J., USA - Movado Group, Inc. announced that company founder Gedalio Grinberg plans to retire as Chairman of the Board at the end of fiscal 2009.

Mr. Grinberg will remain on the Board with the title of Founder and Chairman Emeritus. Efraim Grinberg, who joined the Company in 1980, will be named Chairman and will also continue to serve as President and Chief Executive Officer.

Mr. Gedalio Grinberg is the first recipient of a Lifetime Achievement Award from the Jewelry Information Center in January 2003. Mr. Grinberg's career spans 47 years, having started in 1961 as a distributor of luxury watches in North America. At that time, the business generated annual sales of $175,000. In 1969, the Company, then known as North American Watch Corporation, originally went public with approximately $5 million in annual sales. In 1993, the Company re-entered the public market and since then has grown more than four times in size from a $130 million business to a $560 million enterprise. Some of the Company's original investors remain and have seen their investment increase over 80 times.

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