Tommy Hilfiger Signs License Agreement With Movado Group, Inc. for Men's and Women's Watches

Business Wire, June 4, 1999

HONG KONG--(BUSINESS WIRE)--June 4, 1999--

Tommy Hilfiger Corporation announced it has entered into a license agreement with Movado Group, Inc. to manufacture and distribute watches for men and women.

Under this exclusive agreement, Tommy Hilfiger and Movado will join forces to create a complete collection of watches, which will include dress and casual styles as well as technical sport. The line will debut at retail for Spring 2001.

"I have been fascinated with watches since I was a child as my father was in the jewelry business," said Tommy Hilfiger. "Finding the right partner to help us introduce watches has been a priority for several years. I am excited to have the opportunity to create a dynamic, unique watch collection and to experiment with this new medium."

"We have been waiting for the right time and the right partnership to introduce this important category of business," said Joel Horowitz, chief executive officer of Tommy Hilfiger Corporation. "Watches address the various needs of our customer's lives and complement the array of lifestyle products that Tommy Hilfiger has to offer. Partnering with an industry leader like Movado will allow us the opportunity to become a force in this market."

"Tommy Hilfiger has built an outstanding reputation in the world of apparel design, creating one of today's most powerful brand names," said Efraim Grinberg, president of Movado Group, Inc. "We are delighted to have the opportunity to have this prestigious label. This licensing agreement assures our successful entry into the rapidly growing fashion watch market."

Tommy Hilfiger watches for men and women will be housed in a showroom at the Tommy Hilfiger corporate headquarters in New York. They will be sold in leading department and specialty stores nationwide.

Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear under the Tommy Hilfiger trademarks. Through a range of strategic licensing agreements, the Company is expanding its product lines to offer a broader array of apparel, accessories, footwear, fragrance and home furnishings. The Company's products can be found in leading department stores and specialty stores throughout the United States, Canada, Mexico, Central and South America, Europe, Japan, Hong Kong and other countries in the Far East.

Movado Group, Inc. designs, manufactures, and distributes Movado, Concord, ESQ and Coach watches and is the exclusive distributor of Swiss-manufactured Corum watches in the United States, Canada and the Caribbean.