Movado Group, Inc. (NYSE:MOV) today announced a streamlining of its organization in which President, Ricardo Quintero, will depart from the Company. Mr. Quintero's responsibilities will be assumed by members of the senior management team and he will remain with the Company through April 30, 2017 to ensure a smooth transition.

Commenting on the management change, Efraim Grinberg, Chairman and Chief Executive Officer, stated, "Ricardo has helped mentor a highly talented organization leading our brand, marketing and global commercial efforts, that will continue to execute our strategies and position Movado Group for growth. I want to thank Ricardo for his many contributions since joining Movado Group in 2014 especially in helping us grow our international business. Ricardo is an accomplished leader and we wish him the best in his future endeavors."

Mr. Grinberg continued, "In fiscal 2017, we were pleased to see our brands outperform the overall watch category in key markets around the world, demonstrating the strength of our global organization. Our teams executed well against our strategies of driving innovation and building consumer demand in key markets. As we look ahead, we remain focused on delivering great product and enhancing our digital footprint while efficiently managing our costs. We believe that these initiatives are the key to driving shareholder value."

Mr. Quintero said, "I am proud of all that we have accomplished at Movado Group during a difficult period for the watch industry and I would like to thank our talented team and global partners for their efforts. I have great confidence in Movado Group's portfolio of brands, strategic direction and people, and I believe the Company has many exciting opportunities for the future."

The Company also affirmed its fiscal year 2018 outlook described in its March 20, 2017 quarter and fiscal year 2017 earnings release, based upon the assumptions described therein.

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