Ricardo Quintero, President, to Depart the Company
PARAMUS, N.J.--(BUSINESS WIRE)--Apr. 4, 2017--
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.
Movado Group, Inc. designs, sources, and distributes MOVADO®, EBEL®,
CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, JUICY COUTURE®, LACOSTE®
and SCUDERIA FERRARI® watches worldwide (REBECCA MINKOFF® watches will
launch in the summer of 2017), and operates Movado company stores in the
United States.
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Company has tried, whenever possible, to identify these forward-looking
statements using words such as “expects,” “anticipates,” “believes,”
“targets,” “goals,” “projects,” “intends,” “plans,” “seeks,”
“estimates,” “may,” “will,” “should” and variations of such words and
similar expressions. Similarly, statements in this press release that
describe the Company's business strategy, outlook, objectives, plans,
intentions or goals are also forward-looking statements. Accordingly,
such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's actual
results, performance or achievements and levels of future dividends to
differ materially from those expressed in, or implied by, these
statements. These risks and uncertainties may include, but are not
limited to general economic and business conditions which may impact
disposable income of consumers in the United States and the other
significant markets (including Europe) where the Company’s products are
sold, uncertainty regarding such economic and business conditions,
trends in consumer debt levels and bad debt write-offs, general
uncertainty related to possible terrorist attacks, natural disasters,
the stability of the European Union (including the impact of the June
23, 2016 referendum advising that the United Kingdom exit from the
European Union) and defaults on or downgrades of sovereign debt and the
impact of any of those events on consumer spending, changes in consumer
preferences and popularity of particular designs, new product
development and introduction, the ability of the Company to successfully
implement its business strategies, competitive products and pricing, the
impact of “smart” watches and other wearable tech products on the
traditional watch market, seasonality, availability of alternative
sources of supply in the case of the loss of any significant supplier or
any supplier’s inability to fulfill the Company’s orders, the loss of or
curtailed sales to significant customers, the Company’s dependence on
key employees and officers, the ability to successfully integrate the
operations of acquired businesses without disruption to other business
activities, the continuation of the company’s major warehouse and
distribution centers, the continuation of licensing arrangements with
third parties, losses possible from pending or future litigation, the
ability to secure and protect trademarks, patents and other intellectual
property rights, the ability to lease new stores on suitable terms in
desired markets and to complete construction on a timely basis, the
ability of the Company to successfully manage its expenses on a
continuing basis, information systems failure or breaches of network
security, the continued availability to the Company of financing and
credit on favorable terms, business disruptions, disease, general risks
associated with doing business outside the United States including,
without limitation, import duties, tariffs, quotas, political and
economic stability, changes to existing laws or regulations, and success
of hedging strategies with respect to currency exchange rate
fluctuations, and the other factors discussed in the Company’s Annual
Report on Form 10-K and other filings with the Securities and Exchange
Commission. These statements reflect the Company's current beliefs and
are based upon information currently available to it. Be advised that
developments subsequent to this press release are likely to cause these
statements to become outdated with the passage of time. The Company
assumes no duty to update its forward looking statements and this
release shall not be construed to indicate the assumption by the Company
of any duty to update its outlook in the future.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170404005376/en/
Source: Movado Group, Inc.
ICR, Inc.
Rachel Schacter/Allison Malkin
203-682-8200