PARAMUS, N.J.--(BUSINESS WIRE)--Nov. 25, 2014--
Movado Group, Inc. (NYSE:MOV) today announced that its Board of
Directors has approved an increase in its share buyback program from the
original authorized amount of $50 million to $100 million. The
authorization expires on January 31, 2016. Under this share buyback
program, the Company may purchase its outstanding common shares from
time to time, depending on market conditions, share price and other
factors. As of October 31, 2014, $23.6 million was utilized of the
original $50 million that was authorized on March 21, 2013.
Efraim Grinberg, Chairman and Chief Executive Officer, stated, “The
share buyback program was initially established with the principal
intent of offsetting share dilution related to equity grants. Although
that objective remains, we also believe that the current share price
offers the Company the ability to purchase shares at an attractive price
which will benefit our long-term shareholders. We remain confident in
our brands and our business model, and our ability to deliver
sustainable profitable growth going forward."
About Movado Group, Inc.
Movado Group, Inc. designs, sources, and distributes MOVADO®, EBEL®,
CONCORD®, ESQ® Movado, COACH®, TOMMY HILFIGER®, HUGO BOSS®, JUICY
COUTURE®, LACOSTE® and SCUDERIA FERRARI® watches worldwide, and operates
Movado company stores in the United States.
Source: Movado Group, Inc.
Rachel Schacter/Allison Malkin