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                                                                   Exhibit 10.25

                      FEBRUARY 1999 AMENDMENT AND WAIVER AS
                    TO AMENDED AND RESTATED CREDIT AGREEMENT


                  THIS AMENDMENT, dated as of the 19th day of February, 1999
among MOVADO GROUP, INC., a New York corporation (the "Borrower"); each of the
Lenders which is a signatory to the Credit Agreement referred to below; THE
CHASE MANHATTAN BANK, as Agent, as Swingline Bank and as Issuing Bank; and FLEET
BANK, N.A., as Co-Agent.

                              Preliminary Statement

                  A. Reference is made to the Amended and Restated Credit
Agreement dated as of July 23, 1997 (the "Original Credit Agreement") among the
Borrower, the Lenders signatory thereto, The Chase Manhattan Bank, as Agent, as
Swingline Bank and as Issuing Bank, and Fleet Bank, N.A., as Co-Agent. The
Original Credit Agreement was amended by an Amendment dated as of August 5, 1997
and by a June 1998 Amendment dated as of June 10, 1998 and by an Amendment and
Waiver dated as of November 17, 1998. The Original Credit Agreement, as so
amended, will be called herein the "Credit Agreement". All capitalized terms
used herein and not defined shall have the respective meanings ascribed to them
in the Credit Agreement.

                  B. The Borrower has requested that certain provisions of the
Credit Agreement be amended or waived.


                  NOW, THEREFORE, for good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto
agree as follows:

ARTICLE 1.        PARTICULAR AMENDMENTS

                  Section 1.1. Capital Expenditures. Section 9.05 of the Credit
Agreement is hereby amended to read as follows:

                  "The Borrower shall not permit Consolidated Capital
                  Expenditures to exceed $10,000,000 during any fiscal year (on
                  a noncumulative basis), except that with respect to the fiscal
                  year ending January 31, 1999 Consolidated Capital Expenditures
                  shall not exceed $12,500,000; nor shall the Borrower permit
                  Consolidated Capital Expenditures to exceed $30,000,000 during
                  the period from the Closing Date until the Maturity Date."

                  Section 1.2. Reporting as to Special Transaction. (a) With
respect to the Special Transaction only, the Banks hereby waive the requirement
(contained in clause (c) of the definition of "Designated Sales" in Section 1.01
of the Credit Agreement) that the Borrower provide the financial statements and
certificate described in such clause (c) to the Agent at least 20 days before
the effective date of the sale comprising the Special Transaction.

                           (b) The Borrower covenants and agrees to provide to
the Agent, within 20 days after the effective date of the sale comprising the
Special Transaction, the financial statements and certificate described in the
aforesaid clause (c).

                           (c) The Borrower represents and warrants to the Bank
that the Borrower, as of the date hereof, reasonably and in good faith believes
that the sale comprising the Special Transaction will not result in a Default
immediately after the consummation of such sale.


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                  Section 1.3. Prepayment Threshold for Special Transaction.
Clause (a) of the definition of "Designated Sales" in Section 1.01 of the Credit
Agreement is hereby amended by changing the amount of "$30,000,000" to
"$31,500,000" (in each of the two places in which such amount appears in such
clause).


ARTICLE 2.        MATTERS GENERALLY

                  Section 2.1. Representations and Warranties. The Borrower
hereby represents and warrants that:

                           (a) All the representations and warranties set forth
                  in the Credit Agreement are true and complete on and as of the
                  date hereof (with the same effect as though made on and as of
                  such date).

                           (b) No Default or Event of Default exists.

                           (c) The Borrower has no offset or defense with
                  respect to any of its obligations under the Credit Agreement
                  or any of the Notes or any other Facility Document, and no
                  claim or counterclaim against any Lender, the Swingline Bank,
                  the Issuing Bank, the Agent or the Co-Agent whatsoever (any
                  such offset, defense, claim or counterclaim as may now exist
                  being hereby irrevocably waived by the Borrower).

                           (d) This Amendment and Waiver has been duly
                  authorized, executed and delivered by the Borrower.

                  Section 2.2. Guarantor Consent. The Guarantors shall execute
this Amendment and Waiver in the space provided below to indicate their consent
to the terms of this Amendment and Waiver.

                  Section 2.3. Expenses. The Borrower shall pay all reasonable
expenses incurred by the Agent in connection with this Amendment and Waiver,
including (without limitation) the fees and disbursements of counsel for the
Agent.

                  Section 2.4. Continuing Effect. Except as otherwise expressly
provided in this Amendment and Waiver, all the terms and conditions of the
Credit Agreement shall continue in full force and effect. All the Facility
Documents also shall continue in full force and effect.

                  Section 2.5. Entire Agreement. This Amendment and Waiver
constitutes the entire agreement of the parties hereto with respect to an
amendment or waiver of the Credit Agreement pertaining to the subject matter
hereof, and it supersedes and replaces all prior and contemporaneous agreements,
discussions and understandings (whether written or oral) with respect to such
amendment and waiver.

                  Section 2.6. Counterparts. This Amendment and Waiver may be
executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.

                  Section 2.7. Effectiveness. This Amendment and Waiver shall
not become effective unless and until it shall have been executed and delivered
by all the parties hereto (which execution and delivery may be evidenced by
telecopies).

                  IN WITNESS WHEREOF, the parties hereto have executed this
Amendment and Waiver as of the day and year first above written.

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                                        MOVADO GROUP, INC.


                                        By: /s/John Rooney
                                            John Rooney
                                            Corporate Controller

                                        THE CHASE MANHATTAN BANK, as Agent,
                                        as Lender, as Swingline Bank and as
                                        Issuing Bank


                                        By: /s/Leonard Noll
                                            Name (Print):Leonard Noll
                                            Title:VP

                                        FLEET BANK, N.A., as Co-Agent and as
                                        Lender


                                        By: /s/Christian J. Covello
                                            Name (Print):Christian J. Covello
                                            Title:Vice President


                                        MARINE MIDLAND BANK


                                        By: /s/Diane M. Zieske
                                            Name (Print):Diane M. Zieske
                                            Title:Assistant Vice President

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                                        THE BANK OF NEW YORK


                                        By: /s/Linda Mae Coppa
                                            Name (Print):Linda Mae Coppa
                                            Title: Vice President


                                        CREDIT SUISSE FIRST BOSTON


                                        By: /s/Karl M. Studer
                                            Name (Print):  Karl M. Studer
                                            Title: Director


                                        By: /s/Jamian Hodel
                                            Name (Print):  Jamian Hodel
                                            Title: Associate


CONSENTED TO:

SWISSAM INC., as Guarantor


By:  /s/Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

NAW CORPORATION, as Guarantor


By:  /s/Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

NAWC CORUM CORPORATION, as Guarantor


By:  /s/ Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

MOVADO CORPORATION., as Guarantor


By:  /s/Timothy F. Michno
     Name (Print):Timothy F. Michno
     Title:Secretary

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