摩凡陀 2024年度报告

Dear Shareholders, &ŝƐĐĂůϮϬϮϱǁĂƐĂLJĞĂƌŽĨĐŽŶƟŶƵĞĚĞĐŽŶŽŵŝĐŚĞĂĚǁŝŶĚƐ͕LJĞƚŽŶĞ ŝŶǁŚŝĐŚǁĞŵĂĚĞƐŝŐŶŝĮĐĂŶƚƐƚƌĂƚĞŐŝĐƉƌŽŐƌĞƐƐŝŶƉŽƐŝƟŽŶŝŶŐDŽǀĂĚŽ'ƌŽƵƉĨŽƌůŽŶŐ-ƚĞƌŵƐƵĐĐĞƐƐ͘ŐĂŝŶƐƚĂďĂĐŬĚƌŽƉŽĨƉĞƌƐŝƐƚĞŶƚŝŶŇĂƟŽŶ͕ĐŽŶƐƵŵĞƌƵŶĐĞƌƚĂŝŶƚLJ͕ĂŶĚƐŚŝŌŝŶŐƌĞƚĂŝůĚLJŶĂŵŝĐƐ͕ǁĞƌĞŵĂŝŶĞĚ ĨŽĐƵƐĞĚŽŶďƵŝůĚŝŶŐŽƵƌďƌĂŶĚƐ͕ƐĞƌǀŝŶŐŽƵƌĐƵƐƚŽŵĞƌƐ͕ĂŶĚĚĞůŝǀĞƌŝŶŐ ǀĂůƵĞƚŽŽƵƌƐŚĂƌĞŚŽůĚĞƌƐ͘ tĞƌĞƉŽƌƚĞĚŶĞƚƐĂůĞƐŽĨΨϲϱϯ͘ϰ ŵŝůůŝŽŶ͕ĚŽǁŶϭ͘ϳйĨƌŽŵƚŚĞƉƌŝ ŽƌLJĞĂƌ͕ĂŶĚĚĞůŝǀĞƌĞĚĂĚũƵƐƚĞĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞϭŽĨΨϭ͘ϭϮ͘tŚŝůĞŽƵƌĮŶĂŶĐŝĂůƌĞƐƵůƚƐƌĞŇĞĐƚĂĐŚĂůůĞŶŐŝŶŐŵĂĐƌŽ ĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ—ŝŶĐůƵĚŝŶŐƐŽŌĞƌh͘^͘ďƌŝĐŬ-and-ŵŽƌƚĂƌƐĂůĞƐ—ǁĞǁĞƌĞĞŶĐŽƵƌĂŐĞĚďLJŐƌŽǁƚŚŝŶŽƵƌŽŶůŝŶĞƌĞƚĂŝůĐŚĂŶŶĞůƐĂŶĚŝŶƚĞƌŶĂƟŽŶĂůďƵƐŝŶĞƐƐ͘ dŚƌŽƵŐŚŽƵƚƚŚĞLJĞĂƌ͕ǁĞĐŽŶĐĞŶƚƌĂƚĞĚŽŶƚŚĞĞůĞŵĞŶƚƐǁŝƚŚŝŶŽƵƌ ĐŽŶƚƌŽů͘tĞƚŽŽŬĂĚŝƐĐŝƉůŝŶĞĚĂƉƉƌŽĂĐŚƚŽŝŶǀĞŶƚŽƌLJ͕ĐŽŶƟŶƵĞĚŽƉĞƌĂƟŶŐǁŝƚŚŶŽĚĞďƚ͕ĂŶĚĞŶĚĞ ĚƚŚĞLJĞĂƌǁŝƚŚΨϮϬϴ͘ϱŵŝůůŝŽŶŝŶĐĂƐŚ͘/ŵƉŽƌƚĂŶƚůLJ͕ǁĞŝŵƉůĞŵĞŶƚĞĚĞĸĐŝĞŶĐLJŝŶŝƟĂƟǀĞƐĞdžƉĞĐƚĞĚƚ ŽLJŝĞůĚΨϭϬŵŝůůŝŽŶŝŶĂŶŶƵĂůŝnjĞĚƐĂǀŝŶŐƐ͕ǁŚŝĐŚǁŝůůŚĞůƉĚƌŝǀĞĨƵƚƵƌĞƉƌŽĚƵĐƟǀŝƚLJĂŶĚƉƌŽĮƚĂďŝů ŝƚLJ͘ tĞĂůƐŽŵĂĚĞŵĞĂŶŝŶŐĨƵůŝŶǀĞƐƚŵĞŶƚƐŝŶďƌĂŶĚĚĞǀĞůŽƉŵĞŶƚĂƐƉĂƌƚŽĨŽƵƌƐƚƌĂƚĞŐŝĐŐƌŽǁƚŚŝŶŝƟĂƟǀĞ͘dŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶĐůƵĚĞĚŝŶĐƌĞĂƐĞĚŵĂƌŬĞƟŶŐƐƉĞŶĚĂĐƌŽƐƐďŽƚŚŽƵƌŽǁŶĞĚĂŶĚůŝĐĞŶƐĞĚďƌĂŶĚƉŽƌƞŽůŝŽƐ͘tŚŝůĞƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŵƉĂĐƚĞĚƐŚŽƌƚ-ƚĞƌŵƉƌŽĮƚĂďŝůŝƚLJ͕ƚŚĞLJůĂŝĚĂƐŽůŝĚĨŽƵŶĚĂƟŽŶĨŽƌůŽŶŐ-ƚĞƌŵĐŽŶƐƵŵĞƌĞŶŐĂŐĞŵĞŶƚĂŶĚƌĞǀĞŶƵĞŐƌŽǁƚŚ͘ KƵƌŇĂŐƐŚŝƉDŽǀĂĚŽďƌĂŶĚĐŽŶƟŶƵĞĚŝƚƐŵƵůƟ-LJĞĂƌďƌĂŶĚƌĞĨƌĞƐŚ͘tĞůĂƵŶĐŚĞĚĂŶĞǁĂĚǀĞƌƟƐŝŶŐĐĂŵƉĂŝŐŶĨĞĂƚƵƌŝŶŐ>ƵĚĂĐƌŝƐ͕:ĞƐƐŝĐĂůďĂ͕:ƵůŝĂŶŶĞDŽŽƌĞ͕dLJƌĞƐĞ,ĂůŝďƵƌƚŽŶ͕ĂŶĚŚƌŝƐƟĂŶDĐĂīƌĞLJ͖ƵŶǀĞŝůĞĚĂŶƵƉĚĂƚĞĚůŽŐŽ͖ĂŶĚŝŶƚƌŽĚƵĐĞĚŶĞǁƉƌŽĚƵĐƚŝŶŶŽǀĂƟŽŶƐ ƐƵĐŚĂƐƚŚĞDŽǀĂĚŽDƵƐĞƵŵŚƌŽŶŽŐƌĂƉŚĂŶĚƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůDŽǀĂĚŽŽůĚYƵĞƐƚ͘tĞĂůƐŽďĞ ŐĂŶƌŽůůŝŶŐŽƵƚŶĞǁDŽǀĂĚŽĮdžƚƵƌĞƐĂƚƌĞƚĂŝůƚŚĂƚĂƌĞĂůƌĞĂĚLJĚƌŝǀŝŶŐŝŵƉƌŽǀĞĚƐĞůů-ƚŚƌŽƵŐŚ͘ tŝƚŚŝŶŽƵƌůŝĐĞŶƐĞĚďƌĂŶĚƉŽƌƞŽůŝŽ͕ǁĞĨŽĐƵƐĞĚŽŶƐƚƌĞŶŐƚŚĞŶŝŶŐ ŝĐŽŶŝĐĐŽůůĞĐƟŽŶƐĂŶĚĞdžƉĂŶĚŝŶŐŽƵƌŐĞŽŐƌĂƉŚŝĐĨŽŽƚƉƌŝŶƚ͘tĞŐĂŝŶĞĚƚƌĂĐƟŽŶǁŝƚŚdŽŵŵLJ,ŝůĮŐĞƌ͛Ɛ^ƚ ĞǁĂƌƚĂŶĚĂŬĞƌĨĂŵŝůŝĞƐĂŶĚ,ƵŐŽŽƐƐ͛ƐdŝŵĞdƌĂǀĞůĞƌĐŽůůĞĐƟŽŶ͕ƉĂƌƟĐƵůĂƌůLJŝŶŬĞLJƵƌŽƉĞĂŶŵĂƌ ŬĞƚƐ͘^ŝŵŝůĂƌůLJ͕>ĂĐŽƐƚĞ͕ĂůǀŝŶ<ůĞŝŶ͕ĂŶĚŽĂĐŚĂĚǀĂŶĐĞĚƚŚƌŽƵŐŚƚĂƌŐĞƚĞĚĐĂŵƉĂŝŐŶƐĂŶĚŶĞǁƉƌŽĚƵĐƚůĂƵŶĐŚĞƐ—ŝŶĐůƵĚŝŶŐ>ϯϯĨŽƌ>ĂĐŽƐƚĞ͕WƵůƐĞĨŽƌĂůǀŝŶ<ůĞŝŶ͕ĂŶĚƚŚĞ ^ĂŵŵLJĐŽůůĞĐƟŽŶĨŽƌŽĂĐŚ͘tĞ͛ƌ ĞĞƐƉĞĐŝĂůůLJƉƌŽƵĚƚŚĂƚŽƵƌŽĂĐŚĂĚǀĞƌƟƐŝŶŐŶŽǁĨĞĂƚƵƌĞƐďĂƐŬĞƚďĂůůƐƵƉĞƌƐƚĂƌ:ĂLJƐŽŶdĂƚƵŵ͘ KƵƌŐůŽďĂůŐƌŽǁƚŚƐƚƌĂƚĞŐLJĐŽŶƟŶƵĞƐƚŽďĞĂŶĐŚŽƌĞĚŝŶƚŚĞh͘^͘ ĂŶĚƵƌŽƉĞ͕ǁŝƚŚƐƵƐƚĂŝŶĞĚŵŽŵĞŶƚƵŵŝŶ>ĂƟŶŵĞƌŝĐĂ͕DĞdžŝĐŽ͕/ŶĚŝĂ͕ĂŶĚƚŚĞDŝĚĚůĞĂƐƚ͘tŚŝůĞĐŚĂů ůĞŶŐĞƐƉĞƌƐŝƐƚ—ŝŶĐůƵĚŝŶŐŽŶŐŽŝŶŐƚĂƌŝīƵŶĐĞƌƚĂŝŶƚLJĂŶĚĞůĞǀĂƚĞĚŝŶƚĞƌĞƐƚƌĂƚĞƐ—ǁĞďĞůŝĞǀĞŽƵƌĚŝƐĐŝƉůŝŶĞĚĞdžĞĐƵƟŽŶ͕ƐƚƌŽŶŐďĂůĂŶĐĞƐŚĞĞƚ͕ĂŶĚĐŽŵŵŝƚŵĞŶƚƚŽŝŶŶŽǀĂƟŽŶǁŝůůŚĞůƉƵƐŶĂǀŝŐĂƚĞƚŚŝƐĞŶǀŝƌŽŶŵĞŶƚ͘ >ŽŽŬŝŶŐĂŚĞĂĚ͕ǁĞĨĂĐĞƐŝŐŶŝĮĐĂŶƚƵŶĐĞƌƚĂŝŶƚLJĚƵĞƚŽƌĞĐĞŶƚƚĂƌ ŝīĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞh͘^͕͘ǁŝƚŚůŝƩůĞĐůĂƌŝƚLJLJĞƚŽŶƚŚĞŝƌĮŶĂůĨŽƌŵ͘/ŶƚŚĞŵĞĂŶƟŵĞ͕ǁĞĂƌĞǁŽƌŬŝŶŐ ǁŝƚŚŽƵƌƐƵƉƉůŝĞƌƐ͕ŝŵƉůĞŵĞŶƟŶŐƐĞůĞĐƟǀĞƉƌŝĐĞŝŶĐƌĞĂƐĞƐ͕ĂŶĚĞdžƉůŽƌŝŶŐĂůƚĞƌŶĂƚĞƐŽƵƌĐĞƐŽĨƐƵ ƉƉůLJƚŽĂĚĚƌĞƐƐƚŚĞƌĞƐƵůƟŶŐĐŽƐƚƉƌĞƐƐƵƌĞƐ͘tĞĂƌĞĂůƐŽƌĞĐĂůŝďƌĂ ƟŶŐŽƵƌŝŶǀĞƐƚŵĞŶƚƐƚŽďĂůĂŶĐĞďƌĂŶĚďƵŝůĚŝŶŐǁŝƚŚƉƌŽĮƚĂďŝůŝƚLJ͘/ŶĮƐĐĂůϮϬϮϲ͕ǁĞƉůĂŶƚŽƌĞĚƵĐĞŵĂƌŬĞƟŶŐ ƐƉĞŶĚďLJΨϭϱŵŝůůŝŽŶƚŽΨϮϬŵŝůůŝŽŶĐŽŵƉĂƌĞĚƚŽĮƐĐĂůϮϬϮϱ͕ĂůŝŐŶŝŶŐŝŶǀĞƐƚŵĞŶƚůĞǀĞůƐŵŽƌĞĐůŽƐĞůLJǁŝƚŚƐĂůĞƐ͘ƐĂůǁĂLJƐ͕ĂŐŝůŝƚLJĂ ŶĚŽƉĞƌĂƟŽŶĂůĞdžĐĞůůĞŶĐĞƌĞŵĂŝŶĐŽƌĞƚŽŽƵƌƐƚƌĂƚĞŐLJ͕ĂŶĚŽƵƌŐůŽďĂůƚĞĂŵƐĂƌĞĞŶĞƌŐŝnjĞĚƚŽŵĞĞƚƚŚĞŵŽ ŵĞŶƚ͘ &ŝŶĂůůLJ͕ǁĞƌĞŵĂŝŶĐŽŵŵŝƩĞĚƚŽƌĞƚƵƌŶŝŶŐĐĂƉŝƚĂůƚŽƐŚĂƌĞŚŽůĚĞƌ Ɛ͘/ŶƉƌŝůϮϬϮϱ͕ŽƵƌ ŽĂƌĚĚĞĐůĂƌĞĚĂƋƵĂƌƚĞƌůLJĚŝǀŝĚĞŶĚŽĨΨϬ͘ϯϱƉĞƌƐŚĂƌĞ͕ĂŶĚǁĞŚĂǀĞΨϱϬŵŝůůŝŽŶ ŝŶƌĞŵĂŝŶŝŶŐĂǀĂŝůĂďŝůŝƚLJƵŶĚĞƌŽƵƌƐŚĂƌĞƌĞƉƵƌĐŚĂƐĞƉƌŽŐƌĂŵ͘ ƐǁĞďĞŐŝŶĮƐĐĂůϮϬϮϲ͕/ĂŵĐŽŶĮ ĚĞŶƚŝŶŽƵƌĂďŝůŝƚLJƚŽĂĚĂƉƚ͕ ŝŶŶŽǀĂƚĞ͕ĂŶĚŐƌŽǁ͘/ƚŚĂŶŬŽƵƌĞŵƉůŽLJĞĞƐ͕ƉĂƌƚŶĞƌƐ͕ĂŶĚƐŚĂƌĞŚŽůĚĞƌƐĨŽƌƚŚĞŝƌĐŽŶƟŶƵĞĚƐƵƉƉŽƌ ƚĂŶĚĚĞĚŝĐĂƟŽŶŽǀĞƌƚŚĞƉĂƐƚLJĞĂƌ͘ Sincerely, ĨƌĂŝŵ'ƌŝŶďĞƌŐŚĂŝƌŵĂŶΘŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌ UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K (Mark one)ցցANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934For fiscal year ended January 31, 2025ORտTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number 1-16497MOVADO GROUP, INC.(Exact name of registrant as specified in its charter)New York13-2595932(State or Other Jurisdictionof Incorporation or Organization)(IRS EmployerIdentification No.)650 From Road, Ste. 375Paramus, New Jersey07652-3556(Address of Principal Executive Offices)(Zip Code)Registrant’s Telephone Number, Including Area Code: (201) 267-8000Securities Registered Pursuant to Section 12(b) of the Act:Title of Each ClassTrading Symbol(s)Name of Each Exchange on which RegisteredCommon stock, par value $0.01 per shareMOVNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the reg