The Movado Group, Inc., a leading maker and supplier of fine timepieces, began trading its common stock on the New York Stock Exchange on May 21, under the symbol ”MOV.” The stock had been listed on the NASDAQ since its initial public offering in 1993.
The move to the NYSE is ”a major milestone for us,” said Efrain Grinberg, recently appointed Movado president and chief executive. ”As our business becomes ever more global, the listing will enable us to achieve better visibility around the world and further enhance shareholder value.”
Richard Grasso, NYSE chairman and CEO, welcomed Movado, which he said was ”world renowned for its elegant timepieces [and] dedicated to innovative design and continued product development.”
The Movado group, headquartered in Woodcliff Lake, N.J., designs, manufactures, and distributes Movado, Concord, ESQ, and Coach watches; recently launched the Tommy Hilfiger line; and operates several Movado boutiques and company stores in the United States.