Movado Group amends Ferrari license; term ends June 30, 2022, renewal eliminated

MOVADO GROUP INC

License term shortened to end June 30, 2022 (was Dec 31, 2022); renewal provisions removed.
Royalty and minimum advertising expenditure revised for 2021 through sell-off period ending Dec 31, 2022.
Ferrari retains right to license watches above EUR 2,500; Hublot already licensed for high-end segment.
Sell-off period for existing inventory set at six months after termination.

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