Watch for Hugo Boss

Movado Group Inc. (Paramus, N.J.) has entered into a long-term worldwide licensing agreement with Hugo Boss AG (Metzingen, Germany) to design, produce and market a collection of watches under the Boss and Hugo brand names.

The agreement is effective as of March 21, 2005. Financial terms were not disclosed.

The agreement grants Movado the exclusive rights to manufacture and distribute a full collection of fashion watches, to be sold through select wholesale distribution outlets in Europe, the United States and Asia, as well as Hugo Boss retail locations.

“We look forward to our new relationship with Hugo Boss and believe this will prove to be a very beneficial venture for both companies,” said Rick Cote, Movado’s evp and coo. “The Hugo Boss watch collection will feature compelling identifiable designs combined with high quality craftsmanship. The collection will focus on the high end of the fashion watch category.”

“Our strategy is to cooperate with licensing partners that lead their markets and work successfully with powerful brands,” said Dr. Bruno Salzer, ceo and chairman of Hugo Boss AG. “In Movado Group, we feel sure we have found a partner capable of further extending our position in the superior fashion watch segment.”