Movado Group, Inc. Launches New Watch Collections at Baselworld 2015
Mar 19 15
Movado Group, Inc. announced new collections of timepieces at Baselworld 2015. From Swiss luxury to accessible fashion watches, each one of the Group's brands is for its inherent quality and image. New from Movado is a collection of automatic timepieces for men and women. Powered by Swiss self-winding movements, the 1881 Automatic collection features contemporary designs that reflect the brand's proud Swiss heritage in mechanical timekeeping. Exclusively for women, the elegant new Aria, in white ceramic and stainless steel illuminated by diamonds, redefines sport-chic with brilliant simplicity. The futuristic Sapphire family with its signature flat, edge-to-edge crystal introduces four men's models two on straps and two on a new, thinner freefalling bracelet design. EBEL's continues with introductions to the timeless Wave collection these new EBEL Wave Lady and Gent models are luxury infused with a fresh and modern vision and of course, quality. Concord with the re-launch of the classic 1980's Mariner two new Mariner Ladies models merge the signature 12-sided bezel of the original with smooth new angles and ergonomic planes. An American classic, as well as its reinvention, is part of the Coach brand's DNA its watches possess all the attributes that make something a classic: dependability, durability and design integrity. For Baselworld 2015, Coach focuses on men, launching a full collection with 40 different skus including the introduction of two new families Bleecker and Sullivan Sport expressed in a variety of attitudes, unique to the brand and designed to fit perfectly into the Coach men's lifestyle assortments. Combining clean lines and classic styling with sporty looks, Hugo Boss launches the BOSS Black Aeroliner pure icy elegance with a silver bracelet paired with a metallic blue chronograph dial. The BOSS Orange New York is a marvel of contrasting simplicity the black leather strap and black dial with bold white numbers are offset with a hint of orange. Both new watches share the sleek, clean and stylish Hugo Boss DNA. Juicy Couture's Juicy girl indulges in the high-impact embellishment and rich tones of the new Luxe Couture family. Luminous timepieces designed with set crystal bezels and stainless steel, gold-plated, or rose gold-toned bracelets with dials offered in soft sunset hues touched with shimmering diamond dust clean and crisp sport details, redefined in a romantic and feminine way. The Scuderia Ferrari racing team is the heart and soul of the Scuderia Ferrari Orologi brand. The watches draw inspiration directly from the cars themselves. Premiering at Baselworld 2015 is the Gran Premio Worldtime Automatico Limited Edition with a sportier, black-out look inspired by the Ferrari FXX. The dial features a city time zone display highlighting Ferrari's headquarters in Maranello and ten iconic grand prix race locations around the globe. All brands are showcased in company's exhibition space in Hall 1.0 South at the Basel Exhibition Center in Basel, Switzerland.
Faruqi & Faruqi, LLP Reminds Investors Federal Securities Class Action Lawsuit Filed against Movado
Mar 9 15
Faruqi & Faruqi, LLP reminds investors in Movado Group, Inc. of the April 6, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Movado and certain officers of the company. A complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased or otherwise acquired Movado publicly traded common stock between March 26, 2014 and November 13, 2014 (Class Period). The complaint alleges that the company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects. Specifically, the action alleges that during the Class Period, Movado made false and misleading statements regarding: (i) the business prospects and the growth of the Movado brand and the company's portfolio of licensed brands; and (ii) Movado's initiative to increase sales of the Movado brand by cannibalizing various retailers' shelf space of the company's other brands.
Movado Group, Inc., Movado Group Delaware Holdings Corporation, Movado Retail Group, Inc. and Movado LLC Enter into Credit Agreement
Feb 5 15
On January 30, 2015, Movado Group, Inc. together with Movado Group Delaware Holdings Corporation, Movado Retail Group, Inc. and Movado LLC, entered into a credit agreement with the lenders party thereto and Bank of America, N.A. as administrative agent (in such capacity, the Agent). The Credit agreement provides for a $100.0 million senior secured revolving credit facility including a $15.0 million letter of credit subfacility, that matures on January 30, 2020, with provisions for uncommitted increases of up to $50.0 million in the aggregate subject to customary terms and conditions. In connection with the credit agreement, the borrowers entered into a security and pledge agreement dated as of January 30, 2015 in favor of the Agent. this summary does not purport to be complete and is qualified in its entirety by reference to the credit agreement and the security agreement, each of which is filed as an exhibit to this report. As of January 30, 2015, no loans were drawn under the facility; however approximately $3.95 million in letters of credit which were outstanding under the Borrower's existing asset-based revolving credit facility, which was concurrently terminated were deemed to be issued and outstanding under the facility. As of January 30, 2015, availability under the facility was approximately $96.05 million. Borrowings under the facility bear interest at rates selected periodically by the company at LIBOR plus 1.25% per annum (subject to increases up to a maximum of 1.75% per annum based on the company's consolidated leverage ratio) or a base rate plus 0.25% (subject to increase up to a maximum of 0.75% per annum based on the company's consolidated leverage ratio). The company has also agreed to pay certain fees and expenses and provide certain indemnities, all of which are customary for such financings. The borrowings under the facility are joint and several obligations of the borrowers and are also cross-guaranteed by each borrower. In addition, pursuant to the security agreement, the borrowers' obligations under the facility are secured by first priority liens, subject to permitted liens, on substantially all of the borrowers' assets other than certain excluded assets. The security agreement contains representations and warranties and covenants, which are customary for pledge and security agreements of this type, relating to the creation and perfection of security interests in favor of the agent over various categories of the company's assets. The credit agreement contains affirmative and negative covenants binding on the borrowers and their subsidiaries that are customary for credit facilities of this type, including, but not limited to, restrictions and limitations on the incurrence of debt and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates (in each case, subject to various exceptions). The borrowers are also subject to a minimum consolidated EBITDA test of $50.0 million and a consolidated leverage ratio covenant not to exceed 2.50 to 1.00, each measured as of the last day of each fiscal quarter. The credit agreement contains events of default that are customary for facilities of this type, including, but not limited to, nonpayment of principal, interest, fees and other amounts when due, failure of any representation or warranty to be true in any material respect when made or deemed made, violation of covenants, cross default with material indebtedness, material judgments, material ERISA liability, bankruptcy events, asserted or actual revocation or invalidity of the loan documents, and change of control.