===============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): MAY 11, 2007
MOVADO GROUP, INC.
-------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
NEW YORK
-------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
1-16497 13-2595932
-------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification Number)
650 FROM ROAD
PARAMUS, NEW JERSEY 07652
-------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 267-8000
NOT APPLICABLE
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
===============================================================================
ITEM 8.01. OTHER.
On May 11, 2007, Movado Group, Inc., (the "Company") signed a joint
venture agreement ("JV Agreement") with Swico Limited ("Swico"), an English
company with established distribution, marketing and sales operations in the
UK. Swico has been the Company's exclusive distributor of HUGO BOSS(R) watches
in the UK since 2005.
Under the JV Agreement, the Company and Swico will control 51% and
49%, respectively, of MGS Distribution Limited, a newly formed English company
("MGS") that will be responsible for the marketing, distribution and sale in
the United Kingdom of the Company's licensed HUGO BOSS(R), TOMMY HILFIGER(R),
LACOSTE(R) and JUICY COUTURE(R) brands, as well as future brands licensed to
the Company, subject to the terms of the applicable license agreement. Swico
will be responsible for the day to day management of MGS, including staffing
and providing logistical support, inventory management, order fulfillment,
distribution and after sale services, systems and back office support. The
terms of the JV Agreement include financial performance measures which, if not
attained, give either party the right to terminate the JV Agreement after the
fifth (5th) and the tenth (10th) year (January 31, 2012 and January 31, 2017);
restrictions on the transfer of shares in MGS; and a buy out right whereby the
Company can purchase all of Swico's shares in MGS as of July 1, 2017 and every
5th anniversary thereafter at a pre-determined price.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report on Form 8-K to be signed on
its behalf by the undersigned, hereunto duly authorized.
Dated: May 14, 2007
MOVADO GROUP, INC.
By: /s/ Timothy F. Michno
-------------------------
Name: Timothy F. Michno
Title: General Counsel