MOVADO GROUP INC
For the period ended Jan 31, 2024. Filed Mar 26, 2024.
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FY2024 · Filed Mar 26, 2024
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Item 2. Properties
The Company leases various facilities in North America, Europe, the Middle East and Asia for its corporate, watch assembly, distribution and sales operations. As of January 31, 2024, the Company’s leased facilities individually comprising more than 20,000 square feet were as follows:
| Location | Function | SquareFootage | LeaseExpiration |
|---|---|---|---|
| Moonachie, New Jersey | Watch distribution and repair | 100,000 | August 2035 |
| Paramus, New Jersey | Executive offices | 90,100 | June 2030 |
| Bienne, Switzerland | Corporate and sales functions and watch distribution, assembly and repair | 56,700 | December 2032 |
| Hong Kong | Watch distribution | 44,800 | April 2024 |
The foregoing facilities, as well as 12 additional leased facilities worldwide averaging approximately 5,000 square feet, are used exclusively in connection with the Watch and Accessory Brands segment of the Company’s business except that a portion of the Company’s executive office space in Paramus, New Jersey is used in connection with management of its retail business.
Since acquiring EBEL in 2004, the Company owns an architecturally significant building in La Chaux-de-Fonds, Switzerland.
The Company also leases retail space averaging 1,700 square feet per store with leases expiring with various dates through September 2032 for the operation of the Company’s 55 retail outlet locations.
The Company believes that its existing facilities are suitable and adequate for its current operations.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.