<PAGE>   1
                                                                   EXHIBIT 10.27


                   AMENDED AND RESTATED MASTER PROMISSORY NOTE
                                (NEGOTIATED RATE)


$5,000,000.00                                                      June 27, 2000



        FOR VALUE RECEIVED, MOVADO GROUP, INC., a corporation formed under the
laws of the State of New York (the "Borrower"), hereby promises to pay to the
order of THE BANK OF NEW YORK (the "Bank") at its One Wall Street, New York, New
York office, the principal sum of Five Million and 00/100 Dollars
($5,000,000.00) or the aggregate unpaid principal amount of all advances made by
the Bank to the Borrower (which aggregate unpaid principal amount shall be equal
to the amount duly indorsed and set forth opposite the date last appearing on
the schedule attached to this note), whichever is less.

        The Borrower agrees to pay interest on the unpaid principal amount of
each advance evidenced hereby from the date such advance is made at a rate per
annum equal to such rate (a "Negotiated Rate") as shall be agreed to between the
Bank and the Borrower at the time of such advance but not to exceed the maximum
rate permitted by law, which Negotiated Rate shall remain fixed until the
maturity date (the "Maturity Date") of such advance as shall be agreed to
between the Bank and the Borrower at the time of such advance. If any advance
evidenced hereby shall not be paid when due, the Borrower agrees to pay interest
on such advance at a rate per annum equal to the prime commercial lending rate
of the Bank as publicly announced to be in effect from time to time, such rate
to be adjusted automatically, without notice, on the effective date of any
change in such rate plus two percent (2%), but not to exceed the maximum rate
permitted by law. Interest shall be computed on the basis of a 360 day year for
the actual number of days elapsed.

        Each advance evidenced hereby shall be payable on the Maturity Date of
such advance, and the Borrower shall not have the right to prepay any such
advance.

        Interest on each advance shall be payable on the Maturity Date of such
advance.

        If any payment of principal or interest on any advance evidenced by
this note becomes due and payable on a Saturday, Sunday or other day on which
commercial banks in New York, New York or West Paterson, New Jersey are
authorized or permitted by law to close, such payment shall be extended to the
next succeeding business day. If the date for any payment of principal is so
extended, interest thereon shall be payable for the extended time.

        If the Bank shall make a new advance on a day on which the Borrower is
to repay an advance evidenced hereby, the Bank shall apply the proceeds of the
new advance to make such repayment and only the amount by which the amount being
advanced exceeds the amount being repaid shall be made available to the Borrower
in accordance with the terms of this note.


<PAGE>   2



                                      - 2 -


        The Borrower hereby authorizes the Bank to accept oral (including
telephonic) and written (including facsimile) instructions from a duly
authorized representative of the Borrower to make an advance and to credit the
proceeds of such advance to an account of the Borrower maintained at the Bank or
to transfer the proceeds of such advance to another bank, or receive a payment
of an advance, and to indorse on the schedule attached hereto the amount of each
advance hereunder and each principal payment hereof received by the Bank, the
interest rate applicable to each advance and the Maturity Date of each advance.
The Borrower agrees that the Bank may rely upon any instructions believed by the
Bank to be genuine and given by an authorized representative of the Borrower.

        At the Borrower's option, the Bank shall credit a deposit account
maintained by the Borrower at the Bank in the amount of an advance hereunder or
transfer the proceeds of an advance hereunder to a bank designated by the
Borrower for credit to an account designated by the Borrower maintained at such
bank. The Borrower agrees that the crediting of the amount of an advance to the
Borrower's deposit account maintained at the Bank or the origination of a
payment order for a funds transfer of the proceeds of an advance in accordance
with the instructions of the Borrower shall constitute conclusive evidence that
such advance was made, and neither the failure of the Bank to indorse on the
schedule attached hereto the amount of any advance, the interest rate applicable
to any advance or the Maturity Date of any advance, nor the failure of the bank
designated by the Borrower to credit the proceeds of any advance to the
designated account maintained at such bank, shall affect the Borrower's
obligations hereunder.

        The Bank is authorized to charge any deposit account of the Borrower
maintained at the Bank for each principal payment and each interest payment due
hereunder on the due date thereof.

        All payments hereof shall be made in lawful money of the United States
of America and in immediately available funds.

        All advances evidenced by this note together with all accrued interest
thereon shall become immediately and automatically due and payable, without
demand, presentment, protest or notice of any kind, upon (i) the commencement by
or against the Borrower of a case or proceeding under any bankruptcy, insolvency
or other law relating to the relief of debtors, the readjustment, composition or
extension of indebtedness or reorganization or liquidation or (ii) the
occurrence of any Event of Default ad defined in the Credit Agreement dated as
of June 22, 2000 among the Borrower, the lenders signatory thereto, The Chase
Manhattan Bank, as administrative agent, as swingline bank and as issuing bank,
Fleet Bank, N.A., as syndication agent, The Bank of New York, as documentation
agent, and Chase Securities Inc., as arranger, without giving effect to any
amendment, modification, consent or waiver to which the Bank has not agreed or
consented.

        The Borrower waives presentment, demand, protest and notice of protest,
nonpayment or dishonor of this note.



<PAGE>   3


                                      - 3 -


        The Borrower agrees to pay all costs and expenses incurred by the Bank
incidental to or in any way relating to the Bank's enforcement of the
obligations of the Borrower hereunder or the protection of the Bank's rights in
connection herewith, including but not limited to, reasonable attorneys' fees
and expenses incurred by the Bank, whether or not litigation is commenced.

        This note may not be amended, and compliance with its terms may not be
waived, orally or by course of dealing, but only by a writing signed by the
Borrower and the Bank.

        This note may be assigned or indorsed by the Bank and its benefits shall
inure to the successors, indorsees and assigns of the Bank.

        The Borrower authorizes the Bank to date this note and to complete any
blank space herein according to the terms upon which said advances were granted.

        No failure on the part of the Bank to exercise, and no delay in
exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by the Bank of any right,
remedy or power hereunder preclude any other or future exercise thereof or the
exercise of any other right, remedy or power.

        Each and every right, remedy and power hereby granted to the Bank or
allowed it by law or other agreement shall be cumulative and not exclusive of
any other right, remedy or power, and may be exercised by the Bank at any time
and from time to time.

        Every provision of this note is intended to be severable; if any term or
provision of this note shall be invalid, illegal or unenforceable for any reason
whatsoever, the validity, legality and enforceability of the remaining
provisions hereof shall not in any way be affected or impaired.

        THE PROVISIONS OF THIS NOTE SHALL BE CONSTRUED AND INTERPRETED AND ALL
RIGHTS AND OBLIGATIONS HEREUNDER, DETERMINED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE
BORROWER SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF STATE AND FEDERAL COURTS
LOCATED IN THE CITY AND STATE OF NEW YORK IN PERSONAM AND AGREES THAT SUCH
COURTS ARE CONVENIENT FORUMS. THE BORROWER WAIVES PERSONAL SERVICE UPON IT AND
CONSENTS TO SERVICE OF PROCESS BY MAILING A COPY THEREOF TO THE BORROWER BY
REGISTERED OR CERTIFIED MAIL

        THE BORROWER WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING ARISING OUT OF, BASED UPON, OR IN ANY WAY CONNECTED TO, THIS NOTE.







<PAGE>   4

                                       -4-

        This note amends, restates and replaces that certain Master Promissory
Note (Negotiated Rate) dated July 23, 1997 made by the Borrower to the order of
the Bank in the principal amount of $10,000,000.00 (the "Existing Note"). This
note is not being given by the Borrower, or accepted by the Bank, in payment of
the Existing Note. All principal amounts outstanding under the Existing Note as
of the date hereof, and all accrued and unpaid interest thereon, shall be deemed
outstanding under this note as of the date hereof and shall continue to be owing
hereunder by the Borrower.

MOVADO GROUP, INC.                          Address:
                                            --------
                                            125 Chubb Avenue
                                            Lyndhurst, New Jersey 07071



By:  /s/ KENNETH J. ADAMS
     ---------------------------------
     Name:     Kenneth J. Adams
            --------------------------
     Title:    SR. VP & CFO
            --------------------------


By:  /s/ HOWARD REGENBOGEN
     ---------------------------------
     Name:     Howard Regenbogen
            --------------------------
     Title:    Treasurer
            --------------------------

<PAGE>   5




                                   Schedule to

                             Master Promissory Note

                                   Executed By

                               Movado Group, Inc.


<TABLE>
<CAPTION>
                                            Maturity     Amount
      Date of    Amount of    Interest      Date of        of          Aggregate      Unpaid
      Advance     Advance       Rate*       Advance      Payment       Principal      Amount
      -------   ----------    --------      -------      -------       ---------      ------
<S>             <C>           <C>           <C>          <C>           <C>            <C>








</TABLE>



----------------------------------------
*   Insert the actual interest rate.