Movado Group Enters Material Definitive Agreement
Ticker: MOVAA · Form: 8-K · Filed: Sep 20, 2024 · CIK: 72573
| Field | Detail |
|---|---|
| Company | Movado Group INC (MOVAA) |
| Form Type | 8-K |
| Filed Date | Sep 20, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement
TL;DR
Movado Group just signed a big deal, details TBD.
AI Summary
Movado Group, Inc. entered into a Material Definitive Agreement on September 17, 2024. The filing does not disclose the specific details of this agreement, only that it is a significant contract for the company.
Why It Matters
This filing indicates a significant new contract or partnership for Movado Group, which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its terms and potential impact.
Key Players & Entities
- MOVADO GROUP, INC. (company) — Registrant
- September 17, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Movado Group, Inc.?
The filing does not specify the nature of the Material Definitive Agreement, only that one was entered into on September 17, 2024.
When was the Material Definitive Agreement reported?
The earliest event reported, the entry into the Material Definitive Agreement, was on September 17, 2024.
What is Movado Group, Inc.'s principal executive office address?
Movado Group, Inc.'s principal executive offices are located at 650 FROM ROAD, SUITE 375, PARAMUS, NJ 07652-3556.
What is Movado Group, Inc.'s telephone number?
Movado Group, Inc.'s telephone number is (201) 267-8000.
What is Movado Group, Inc.'s fiscal year end?
Movado Group, Inc.'s fiscal year ends on January 31.
Filing Stats: 619 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-09-20 16:35:24
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share MOV New York Stock Exchan
Filing Documents
- eh240533891_8k.htm (8-K) — 28KB
- 0000950142-24-002430.txt ( ) — 197KB
- mov-20240917.xsd (EX-101.SCH) — 3KB
- mov-20240917_lab.xml (EX-101.LAB) — 33KB
- mov-20240917_pre.xml (EX-101.PRE) — 22KB
- eh240533891_8k_htm.xml (XML) — 4KB
01
Item 1.01 Entry into a Material Definitive Agreement. On September 17, 2024, MGI Luxury Group S.A. ("MGI"), a wholly owned Swiss subsidiary of Movado Group, Inc. (the "Company"), entered into an amendment (the "First Amendment") to the amended and restated License Agreement (the "License Agreement") between MGI and HUGO BOSS AG, D-Metzingen, Branch CH-Zug (the "Licensor"). As a result of the Amendment, among other things: The license period has been extended until December 31, 2031, subject to certain rights of MGI to extend for an additional five years upon satisfaction of specified conditions. The royalty rates have been revised and MGI agreed to pay a one-time fee in light of the 100 th anniversary of the Hugo Boss brand. Sales minima and minimum marketing and advertising expenditures have been revised for years 2024 through 2026 and established for years 2027 through 2031. New pricing has been established for sales by MGI to the Licensor and its affiliates. The parties acknowledge that a payment made by MGI to the Licensor in August 2023 constituted full compensation for inadvertent overcharges in previous sales by MGI to certain Licensor affiliates. Certain provisions in the Agreement were revised, in particular those regarding the net sales calculation. The other material provisions of the License Agreement remain substantially unchanged. The Company intends to file the First Amendment as an exhibit to its quarterly report on Form 10-Q for the fiscal quarter ending October 31, 2024, and will seek confidential treatment of certain terms in the Amendment at such time.
SIGNATURES
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: September 20, 2024 MOVADO GROUP, INC. By: /s/ Mitchell Sussis Name: Mitchell Sussis Title: Senior Vice President, General Counsel and Secretary