Movado Group, Inc. Announces Organizational Change
April 04 2017 - 7:00AM
Business Wire
Ricardo Quintero, President, to Depart the
Company
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170404005376/en/
ICR, Inc.Rachel Schacter/Allison Malkin203-682-8200
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