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Movado Group, Inc.
today announced that it has acquired from Swico
Limited all but ten percent of the outstanding capital stock of MGS
Distribution Limited (“MGS”), the UK company which, since 2007, has been
operated as a joint venture between Movado Group and Swico responsible for the
marketing, distribution and sale of Movado Group's licensed brands in the UK.
This increases the Company's ownership in MGS to 90% from 51%. Consequently,
Movado Group and Swico have terminated their joint venture agreement and the
Company will manage MGS as a wholly owned subsidiary but with continued
logistical support and after-sale service in the territory provided by Swico.
The Company also announced that MGS has acquired the Company's 100% ownership
interest in MGI Luxury Group UK Limited, a UK corporation (“Luxury”), and that
Luxury will transfer its business, including all of Luxury's assets and
liabilities, to MGS in the first quarter of fiscal 2014. Luxury has been
responsible for the marketing, and distribution of the Company's Movado and
Ebel brands in the UK and, following the transfer, MGS will assume full
responsibility for those functions in addition to its ongoing activities
related to the Company's licensed brands. As a result of the acquisition of
Luxury by MGS, in the fourth quarter of fiscal 2013
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