Movado To Open New Stores

September 6, 2000

Movado To Open New Stores

Movado Group Inc. announced today it accelerated its boutique expansion plan and will open two new stores during the holiday selling season. According to a press release, the company signed one lease for a Movado boutique located at the Town Center in Boca Raton, FL and anticipates opening a second store at another location. The stores are expected to open in November. The two new stores will bring Movado's total store count to seven.

"We are pleased with the strong progress we are making in executing our Movado retail boutique expansion strategy, and we are excited that we will have seven stores open in time for the important holiday shopping season," says President Efraim Grinberg. "Our selection of prime retail locations, coupled with our focus on improving merchandise offerings and the strength of the Movado brand name, have driven successful performance of our five existing boutiques." The company saw an increase in comparable store sales over the past three quarters and expects customers will respond positively as it expands its retail presence. Movado will also introduce new jewelry collections and a new collection of tabletop/home accessories in time for holiday shopping.

The Movado Group designs, manufactures and distributes Movado, Concord, ESQ and Coach watches worldwide and operates Movado boutiques and outlet stores in the U.S.

- by Julia M. Duncan