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                                                                   EXHIBIT 10.37

                               MOVADO GROUP, INC.
                            1996 STOCK INCENTIVE PLAN
                   (AMENDED AND RESTATED AS OF APRIL 8, 2004)

1.    PURPOSE

            The purpose of the Plan is to provide a means through which the
Company and its Affiliates may attract able persons to enter and remain in the
employ of the Company and its Affiliates and to provide a means whereby
employees, directors and consultants of the Company and its Affiliates can
acquire and maintain Common Stock ownership, or be paid incentive compensation
measured by reference to the value of Common Stock, thereby strengthening their
commitment to the welfare of the Company and its Affiliates and promoting an
identity of interest between stockholders and these persons.

            So that the appropriate incentive can be provided, the Plan provides
for granting Incentive Stock Options, Nonqualified Stock Options, Stock
Appreciation Rights, Restricted Stock Awards, Phantom Stock Units, Performance
Share Units and Stock Bonuses, or any combination of the foregoing.

            This Plan in an amendment and restatement of the Movado Group, Inc.
1996 Stock Incentive Plan (the "1996 Plan"); provided, however, that all awards
granted under the 1996 Plan will continue to be governed by the terms of the
1996 Plan and the Award Agreements issued thereunder.

2.    DEFINITIONS

            The following definitions shall be applicable throughout the Plan.

            (a) "Affiliate" means (i) any entity that directly or indirectly is
controlled by, controls or is under common control with the Company and (ii) any
entity in which the Company has a significant equity interest, in either case as
determined by the Committee.

            (b) "Award" means, individually or collectively, any Incentive Stock
Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock
Award, Phantom Stock Unit Award, Performance Share Unit Award or Stock Bonus
Award.

            (c) "Award Period" means a period of time within which performance
is measured for the purpose of determining whether an Award of Performance Share
Units has been earned.

            (d) "Board" means the Board of Directors of the Company.

                  (e) "Change in Control," shall, unless in the case of a
particular Award, the applicable Award agreement states otherwise or contains a
different definition of "Change in Control," be deemed to occur upon:

                        (i) the acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 20% or more (on a fully diluted basis) of (A) the then outstanding shares of
common stock of the Company, taking into account as outstanding for this purpose
such common stock issuable upon the exercise of options or warrants, the
conversion of convertible stock or debt, and the exercise of any similar right
to acquire such common stock (the "Outstanding Company Common Stock")

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and (B) the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors (the
"Outstanding Company Voting Securities"); provided, however, that for purposes
of this Agreement, the following acquisitions shall not constitute a Change of
Control: (I) any acquisition by the Company or any Affiliate, (II) any
acquisition by any employee benefit plan sponsored or maintained by the Company
or any Affiliate, (III) any acquisition by a "Permitted Transferee," as defined
in the Company's Certificate of Incorporation, (IV) any acquisition which
complies with clauses (A), (B) and (C) of subsection (v) of this Section 2(e),
or (V) in respect of an Award held by a particular Participant, any acquisition
by the Participant or any group of persons including the Participant (or any
entity controlled by the Participant or any group of persons including the
Participant);

                        (ii) Individuals who, on the date hereof, constitute the
Board (the "Incumbent Directors") cease for any reason to constitute at least a
majority of the Board, provided that any person becoming a director subsequent
to the date hereof, whose election or nomination for election was approved by a
vote of at least two-thirds of the Incumbent Directors then on the Board (either
by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for director, without written objection to
such nomination) shall be an Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to directors or
as a result of any other actual or threatened solicitation of proxies or
consents by or on behalf of any person other than the Board shall be deemed to
be an Incumbent Director;

                        (iii) the dissolution or liquidation of the Company;

                        (iv) the sale of all or substantially all of the
business or assets of the Company; or

                        (v) the consummation of a merger, consolidation,
statutory share exchange or similar form of corporate transaction involving the
Company that requires the approval of the Company's stockholders, whether for
such transaction or the issuance of securities in the transaction (a "Business
Combination"), unless immediately following such Business Combination: (A) at
least 50% of the total voting power of (x) the corporation resulting from such
Business Combination (the "Surviving Company"), or (y) if applicable, the
ultimate parent corporation that directly or indirectly has beneficial ownership
of sufficient voting securities eligible to elect a majority of the directors of
the Surviving Company (the "Parent Company"), is represented by the Outstanding
Company Voting Securities that were outstanding immediately prior to such
Business Combination (or, if applicable, is represented by shares into which the
Outstanding Company Voting Securities were converted pursuant to such Business
Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of the Outstanding Company
Voting Securities among the holders thereof immediately prior to the Business
Combination, (B) no Person (other than any employee benefit plan sponsored or
maintained by the Surviving Company or the Parent Company or a "Permitted
Transferee," as defined in the Company's Certificate of Incorporation), is or
becomes the beneficial owner, directly or indirectly, of 20% or more of the
total voting power of the outstanding voting securities eligible to elect
directors of the Parent Company (or, if there is no Parent Company, the
Surviving Company) and (C) at least a majority of the members of the board of
directors of the Parent Company (or, if there is no Parent Company, the
Surviving Company) following the consummation of the Business Combination were
Board members at the time of the Board's approval of the execution of the
initial agreement providing for such Business Combination.

                  (f) "Code" means the Internal Revenue Code of 1986, as
amended. Reference in the Plan to any section of the Code shall be deemed to
include any amendments or successor provisions to such section and any
regulations under such section.

                  (g) "Committee" means a committee of at least two people as
the Board may appoint to administer the Plan or, if no such committee has been
appointed by the Board, the Board. Unless the Board is acting as the Committee
or the Board specifically determines otherwise, each member of the Committee
shall, at the time he takes any action with respect to an Award under the Plan,
be an

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Eligible Director. However, the mere fact that a Committee member shall fail to
qualify as an Eligible Director shall not invalidate any Award made by the
Committee which is otherwise validly granted under the Plan.

                  (h) "Common Stock" means the common stock, par value $0.01 per
share, of the Company, but does not include the Class A common stock of the
Company.

                  (i) "Company" means Movado Group, Inc.

                  (j) "Date of Grant" means the date on which the granting of an
Award is authorized, or such other date as may be specified in such
authorization or, if there is no such date, the date indicated on the applicable
Award agreement.

                  (k) "Effective Date" of this amendment and restatement means
April 8, 2004.

                  (l) "Eligible Director" means a person who is (i) a
"non-employee director" within the meaning of Rule 16b-3 under the Exchange Act,
or a person meeting any similar requirement under any successor rule or
regulation and (ii) an "outside director" within the meaning of Section 162(m)
of the Code, and the Treasury Regulations promulgated thereunder; provided,
however, that clause (ii) shall apply only with respect to grants of Awards with
respect to which the Company's tax deduction could be limited by Section 162(m)
of the Code if such clause did not apply.

                  (m) "Eligible Person" means any (i) individual regularly
employed by the Company, a Subsidiary or Affiliate who satisfies all of the
requirements of Section 6; provided, however, that no such employee covered by a
collective bargaining agreement shall be an Eligible Person unless and to the
extent that such eligibility is set forth in such collective bargaining
agreement or in an agreement or instrument relating thereto; (ii) director of
the Company, a Subsidiary or an Affiliate or (iii) consultant or advisor to the
Company, a Subsidiary or an Affiliate who may be offered securities pursuant to
Form S-8 (which, as of the Effective Date, includes those who (A) are natural
persons and (B) provide bona fide services to the Company other than in
connection with the offer or sale of securities in a capital-raising
transaction, and do not directly or indirectly promote or maintain a market for
the Company's securities).

                  (n) "Exchange Act" means the Securities Exchange Act of 1934,
as amended.

                  (o) "Fair Market Value, on a given date means (i) if the Stock
is listed on a national securities exchange, the mean between the highest and
lowest sale prices reported as having occurred on the primary exchange with
which the Stock is listed and traded on the date prior to such date, or, if
there is no such sale on that date, then on the last preceding date on which
such a sale was reported; (ii) if the Stock is not listed on any national
securities exchange but is quoted in the National Market System of the National
Association of Securities Dealers Automated Quotation System ("NASDAQ") on a
last sale basis, the average between the high bid price and low ask price
reported on the date prior to such date, or, if there is no such sale on that
date, then on the last preceding date on which a sale was reported; or (iii) if
the Stock is not listed on a national securities exchange nor quoted in NASDAQ
on a last sale basis, the amount determined by the Committee to be the fair
market value based upon a good faith attempt to value the Stock accurately and
computed in accordance with applicable regulations of the Internal Revenue
Service.

                  (p) "Incentive Stock Option" means an Option granted by the
Committee to a Participant under the Plan which is designated by the Committee
as an incentive stock option as described in Section 422 of the Code and
otherwise meets the requirements set forth herein.

                  (q) "Mature Shares" means shares of Stock or shares of Class A
common stock of the Company owned by a Participant which are not subject to any
pledge or other security interest

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and have either been held by the Participant for six months, previously acquired
by the Participant on the open market or meet such other requirements as the
Committee may determine are necessary in order to avoid an accounting earnings
charge on account of the use of such shares to pay the Option Price or satisfy a
withholding obligation in respect of an Option.

                  (r) "Nonqualified Stock Option" means an Option granted by the
Committee to a Participant under the Plan which is not designated by the
Committee as an Incentive Stock Option.

                  (s) "Option" means an Award granted under Section 7.

                  (y) "Option Period" means the period described in Section
7(c).

                  (u) "Option Price" means the exercise price for an Option as
described in Section 7(a).

                  (v) "Participant" means an Eligible Person who has been
selected by the Committee to participate in the Plan and to receive an Award
pursuant to Section 6.

                  (w) "Performance Goals" means the performance objectives of
the Company or Affiliate during an Award Period or Restricted Period established
for the purpose of determining whether, and to what extent, Awards will be
earned for an Award Period or Restricted Period. To the extent an Award is
intended to qualify as "performance-based compensation" under Section 162(m) of
the Code, the Performance Goals shall be established with reference to one or
more of the following, either on a Company-wide basis or, as relevant, in
respect of one or more Affiliates, divisions or operations of the Company:

                        (i) earnings (gross, net or per share)

                        (ii) stock price (absolute or relative to other
companies)

                        (iii) market share

                        (iv) gross or net profit margin

                        (v) return on equity

                        (vi) sales

                        (vii) costs or expenses

                  (x) "Performance Share Unit" means a hypothetical investment
equivalent to one share of Stock granted in connection with an Award made under
Section 9.

                  (y) "Phantom Stock Unit" means a hypothetical investment
equivalent to one share of Stock granted in connection with an Award made under
Section 10.

                  (z) "Plan" means this Movado Group, Inc. 1996 Stock Incentive
Plan, as amended and restated as of April 8, 2004.

                  (aa) "Restricted Period" means, with respect to any share of
Restricted Stock or any Phantom Stock Unit, the period of time determined by the
Committee during which such Award is subject to the restrictions set forth in
Section 10.

                  (bb) "Restricted Stock" means shares of Stock issued or
transferred to a Participant subject to forfeiture and the other restrictions
set forth in Section 10.

                  (cc) "Restricted Stock Award" means an Award of Restricted
Stock granted under Section 10.

                  (dd) "Securities Act" means the Securities Act of 1933, as
amended.

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                  (ee) "Stock" means the Common Stock or such other authorized
shares of stock of the Company as the Committee may from time to time authorize
for use under the Plan.

                  (ff) "Stock Appreciation Right" or "SAR" means an Award
granted under Section 8 of the Plan.

                  (gg) "Stock Bonus" means an Award granted under Section 11.

                  (hh) "Stock Option Agreement" means any agreement between the
Company and a Participant who has been granted an Option pursuant to Section 7
which defines the rights and obligations of the parties thereto.

                  (ii) "Strike Price" means, in respect of an SAR, (i) in the
case of an SAR granted in tandem with an Option, the Option Price of the related
Option, or (ii) in the case of an SAR granted independent of an Option, the Fair
Market Value on the Date of Grant.

                  (jj) "Subsidiary" means any subsidiary of the Company as
defined in Section 424(f) of the Code.

                  (kk) "Vested Unit" shall have the meaning ascribed thereto in

Section 10(d).

3.    Effective Date, Duration and Shareholder Approval

            The amendment and restatement of the Plan is effective as of the
Effective Date; provided that the validity and exercisabilty of any and all
Awards granted on or after the Effective Date pursuant to the amended and
restated Plan (i) in respect of shares of Stock in excess of that available
under the Plan immediately prior to the Effective Date, (ii) of a type not
available under the Plan immediately prior to the Effective Date or (iii) to any
person not eligible to receive Awards under the Plan immediately prior to the
Effective Date, is contingent upon approval of the Plan by the shareholders of
the Company following the Effective Date, in a manner intended to comply with
the shareholder approval requirements of Sections 162(m) and 422 of the Code,
and of the New York Stock Exchange. No Option shall be treated as an Incentive
Stock Option unless the Plan has been approved by the shareholders of the
Company in a manner intended to comply with the shareholder approval
requirements of Section 422(b)(i) of the Code; provided that any Option intended
to be an Incentive Stock Option shall not fail to be effective solely on account
of a failure to obtain such approval, but rather such Option shall be treated as
a Nonqualified Stock Option unless and until such approval is obtained.

            The expiration date of the Plan, on and after which no Awards may be
granted hereunder, shall be the day prior to the tenth anniversary of the
Effective Date; provided, however, that the administration of the Plan shall
continue in effect until all matters relating to Awards previously granted have
been settled.

4.    ADMINISTRATION

            The Committee shall administer the Plan. The majority of the members
of the Committee shall constitute a quorum. The acts of a majority of the
members present at any meeting at which a quorum is present or acts approved in
writing by a majority of the Committee shall be deemed the acts of the
Committee.

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            Subject to the provisions of the Plan and applicable law, the
Committee shall have the power, and in addition to other express powers and
authorizations conferred on the Committee by the Plan, to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a
Participant; (iii) determine the number of shares of Stock to be covered by, or
with respect to which payments, rights, or other matters are to be calculated in
connection with, Awards; (iv) determine the terms and conditions of any Award;
(v) determine whether, to what extent, and under what circumstances Awards may
be settled or exercised in cash, shares of Stock, other securities, other Awards
or other property, or canceled, forfeited, or suspended and the method or
methods by which Awards may be settled, exercised, canceled, forfeited, or
suspended; (vi) determine whether, to what extent, and under what circumstances
the delivery of cash, Stock, other securities, other Options other property and
other amounts payable with respect to an Award shall be deferred either
automatically or at the election of the holder thereof or of the Committee;
(vii) interpret, administer, reconcile any inconsistency, correct any default
and/or supply any omission in the Plan and any instrument or agreement relating
to, or Award made under, the Plan; (viii) establish, amend, suspend, or waive
such rules and regulations and appoint such agents as it shall deem appropriate
for the proper administration of the Plan; and (ix) make any other determination
and take any other action specified under the Plan or that the Committee deems
necessary or desirable for the administration of the Plan.

            (b) Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award or any documents evidencing Awards granted
pursuant to the Plan shall be within the sole discretion of the Committee, may
be made at any time and shall be final, conclusive and binding upon all parties,
including, without limitation, the Company, any Affiliate, any Participant, any
holder or beneficiary of any Award, and any shareholder.

            (c) No member of the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Award
hereunder.

5.    Grant of Awards; Shares Subject to the Plan

            The Committee may, from time to time, grant Awards of Options, Stock
Appreciation Rights, Restricted Stock, Phantom Stock Units, Performance Share
Units and/or Stock Bonuses to one or more Eligible Persons; provided, however,
that:

                  (a) Subject to Section 13, the aggregate number of shares of
Stock in respect of which Awards may be made under the Plan is 4,500,000 shares;

                  (b) Shares of Stock shall be deemed to have been used in
settlement of Awards whether they are actually delivered or the Fair Market
Value equivalent of such shares is paid in cash; provided, however, that shares
of Stock or Company Class A common stock delivered (either directly or by means
of attestation) in full or partial payment of the Option Price in accordance
with the third sentence of Section 7(b) shall be deducted from the number of
shares of Stock delivered to the Participant pursuant to such Option for
purposes of determining the number of shares of Stock acquired pursuant to the
Plan. In accordance with (and without limitation upon) the preceding sentence,
if and to the extent an Award under the Plan expires, terminates or is canceled
for any reason whatsoever without the Participant having received any benefit
therefrom, the shares covered by such Award shall again become available for
future Awards under the Plan. For purposes of the foregoing sentence, a
Participant shall not be deemed to have received any "benefit" in the case of
forfeited Restricted Stock Awards by reason of having enjoyed voting rights and
dividend rights prior to the date of forfeiture;

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                  (c) Stock delivered by the Company in settlement of Awards may
be authorized and unissued Stock or Stock held in the treasury of the Company or
purchased on the open market or by private purchase;

                  (d) Subject to Section 13, no person may be granted Options or
SARs under the Plan during any calendar year with respect to more than 1,200,000
shares of Stock; provided that such number shall be adjusted pursuant to Section
13, and shares otherwise counted against such number, only in a manner which
will not cause Options or SARs granted under the Plan to fail to qualify as
"performance-based compensation" under Section 162(m) of the Code; and

                  (e) Subject to Section 13, with respect to awards of
Performance Share Units, Restricted Stock or Phantom Stock Units intended to
qualify as "performance-based compensation" under Section 162(m) of the Code, no
person may be granted Performance Share Units, Restricted Stock or Phantom Stock
Units under the Plan during any calendar year with respect to more than
1,200,000 shares of Stock; provided that such number shall be adjusted pursuant
to Section 13, and shares otherwise counted against such number, only in a
manner which will not cause such Performance Share Units, Restricted Stock or
Phantom Stock Units granted under the Plan to fail to qualify as
"performance-based compensation" under Section 162(m) of the Code.

6.    ELIGIBILITY

            Participation shall be limited to Eligible Persons who have received
written notification from the Committee, or from a person designated by the
Committee, that they have been selected to participate in the Plan.

7.    OPTIONS

            The Committee is authorized to grant one or more Incentive Stock
Options or Nonqualified Stock Options to any Eligible Person; provided, however,
that no Incentive Stock Options shall be granted to any Eligible Person who is
not an employee of the Company or a Subsidiary. Each Option so granted shall be
subject to the following conditions, or to such other conditions as may be
reflected in the applicable Stock Option Agreement.

                  (a) OPTION PRICE. Subject to Section 7(e), the exercise price
("Option Price") per share of Stock for each Option shall be set by the
Committee at the time of grant but shall not be less than the Fair Market Value
of a share of Stock at the Date of Grant.

                  (b) MANNER OF EXERCISE AND FORM OF PAYMENT. No shares of Stock
shall be delivered pursuant to any exercise of an Option until payment in full
of the Option Price therefor is received by the Company. Options which have
become exercisable may be exercised by delivery of written notice of exercise to
the Committee accompanied by payment of the Option Price. The Option Price shall
be payable (i) in cash and/or shares of Stock valued at the Fair Market Value at
the time the Option is exercised (including by means of attestation of ownership
of a sufficient number of shares of Stock in lieu of actual delivery of such
shares to the Company); provided, that such shares of Stock are Mature Shares,
(ii) in the discretion of the Committee, either (A) in other property having a
fair market value on the date of exercise equal to the Option Price or (B) by
delivering to the Committee a copy of irrevocable instructions to a stockbroker
to deliver promptly to the Company an amount of loan proceeds, or proceeds from
the sale of the Stock subject to the Option, sufficient to pay the Option Price,
(iii) to the extent provided in the Stock Option Agreement, by delivery of, or
attestation as to ownership of, shares of the Company's Class A common stock
convertible into an equivalent number of shares of Stock with a fair market
value equal to the portion of the Option Price to be paid thereby; provided that
such shares of Class A common stock are Mature Shares, or (iv) by such other
method as the Committee may allow.

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                  (c) VESTING, OPTION PERIOD AND EXPIRATION. Options shall vest
and become exercisable in such manner and on such date or dates determined by
the Committee and shall expire after such period, not to exceed ten years, as
may be determined by the Committee (the "Option Period"); provided, however,
that notwithstanding any vesting dates set by the Committee, the Committee may,
in its sole discretion, accelerate the exercisability of any Option, which
acceleration shall not affect the terms and conditions of such Option other than
with respect to exercisability. If an Option is exercisable in installments,
such installments or portions thereof which become exercisable shall remain
exercisable until the Option expires.

                  (d) STOCK OPTION AGREEMENT - OTHER TERMS AND CONDITIONS. Each
Option granted under the Plan shall be evidenced by a Stock Option Agreement.
Except as specifically provided otherwise in such Stock Option Agreement, each
Option granted under the Plan shall be subject to the following terms and
conditions:

                        (i) Each Option or portion thereof that is exercisable
      shall be exercisable for the full amount or for any part thereof.

                        (ii) Each share of Stock purchased through the exercise
      of an Option shall be paid for in full at the time of the exercise. Each
      Option shall cease to be exercisable, as to any share of Stock, when the
      Participant purchases the share or exercises a related SAR or when the
      Option expires.

                        (iii) Subject to Section 12(k), Options shall not be
      transferable by the Participant except by will or the laws of descent and
      distribution and shall be exercisable during the Participant's lifetime
      only by him.

                        (iv) Each Option shall vest and become exercisable by
      the Participant in accordance with the vesting schedule established by the
      Committee and set forth in the Stock Option Agreement.

                        (v) At the time of any exercise of an Option, the
      Committee may, in its sole discretion, require a Participant to deliver to
      the Committee a written representation that the shares to be acquired upon
      such exercise are to be acquired for investment and not for resale or with
      a view to the distribution thereof. Upon such a request by the Committee,
      delivery of such representation prior to the delivery of any shares issued
      upon exercise of an Option shall be a condition precedent to the right of
      the Participant or such other person to purchase any shares. In the event
      certificates for Stock are delivered under the Plan with respect to which
      such investment representation has been obtained, the Committee may cause
      a legend or legends to be placed on such certificates to make appropriate
      reference to such representation and to restrict transfer in the absence
      of compliance with applicable federal or state securities laws.

                        (vi) Each Participant awarded an Incentive Stock Option
      under the Plan shall notify the Company in writing immediately after the
      date he or she makes a disqualifying disposition of any Stock acquired
      pursuant to the exercise of such Incentive Stock Option. A disqualifying
      disposition is any disposition (including any sale) of such Stock before
      the later of (A) two years after the Date of Grant of the Incentive Stock
      Option or (B) one year after the date the Participant acquired the Stock
      by exercising the Incentive Stock Option. The Company may, if determined
      by the Committee and in accordance with procedures established by it,
      retain possession of any Stock acquired pursuant to the exercise of an
      Incentive Stock Option as agent for the applicable Participant until the
      end of the period described in the preceding sentence, subject to
      complying with any instructions from such Participant as to the sale of
      such Stock.

                  (e) INCENTIVE STOCK OPTION GRANTS TO 10% STOCKHOLDERS.
Notwithstanding anything to the contrary in this Section 7, if an Incentive
Stock Option is granted to a Participant who owns stock representing more than
ten percent of the voting power of all classes of stock of the Company or of a
Subsidiary, the Option Period shall not exceed five years from the Date of Grant
of

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such Option and the Option Price shall be at least 110 percent of the Fair
Market Value (on the Date of Grant) of the Stock subject to the Option.

                  (f) $100,000 PER YEAR LIMITATION FOR INCENTIVE STOCK OPTIONS.
To the extent the aggregate Fair Market Value (determined as of the Date of
Grant) of Stock for which Incentive Stock Options are exercisable for the first
time by any Participant during any calendar year (under all plans of the
Company) exceeds $100,000, such excess Incentive Stock Options shall be treated
as Nonqualified Stock Options.

                  (g) RELOAD OPTIONS. The Committee may provide for the grant to
any Participant of additional Options ("Reload Options") upon the exercise of
Options, including Reload Options, through the delivery of shares of Stock or
shares of Class A common stock of the Company; provided, however, that the
Reload Options (i) may only be granted in connection with a grant of
Nonqualified Stock Options; (ii) may only be granted with respect to the same
number of shares of Stock or Class A common stock as were surrendered to
exercise the Nonqualified Stock Options and the number of shares of Stock
withheld for tax purposes pursuant to Section 12(d)(ii), (iii) shall have an
exercise price per share not less than the greater of (A) five dollars more than
the exercise price of the Nonqualified Stock Options, the exercise of which
resulted in the grant of the Reload Options, or (B) 110% of the Fair Market
Value of a share of Stock on the date of exercise of the Nonqualified Stock
Options which resulted in the grant of the Reload Options, (iv) shall not be
exercisable until six months after the exercise of the Nonqualified Stock
Options which resulted in the grant of the Reload Options, (v) shall not be
exercisable after the expiration of the term of the Nonqualified Stock Options,
the exercise of which resulted in the grant of the Reload Options, and (vi)
shall otherwise be subject to the same terms and conditions of the Nonqualified
Stock Options, the exercise of which resulted in the grant of the Reload
Options. Notwithstanding any provision of this Plan or a Stock Option Agreement
to the contrary, unless the Stock Option Agreement specifically provides for the
grant of Reload Options pursuant to Section 7(g) of the Plan, no grant of a
Nonqualified Stock Option shall include a grant of Reload Options.

8.    STOCK APPRECIATION RIGHTS

            Any Option granted under the Plan may include SARS, either at the
Date of Grant or, except in the case of an Incentive Stock Option, by subsequent
amendment. The Committee also may award SARs to Eligible Persons independent of
any Option. An SAR shall be subject to such terms and conditions not
inconsistent with the Plan as the Committee shall impose, including, but not
limited to, the following:

                  (a) VESTING, TRANSFERABILITY AND EXPIRATION. SARs granted in
connection with an Option shall become exercisable, be transferable and shall
expire according to the same vesting schedule, transferability rules and
expiration provisions as the corresponding Option. An SAR granted independent of
an Option shall become exercisable, be transferable and shall expire in
accordance with a vesting schedule, transferability rules and expiration
provisions as established by the Committee and reflected in an Award agreement.

                  (b) AUTOMATIC EXERCISE. If on the last day of the Option
Period (or in the case of an SAR independent of an option, the period
established by the Committee after which the SAR shall expire), the Fair Market
Value exceeds the Strike Price, the Participant has not exercised the SAR or the
corresponding Option, and neither the SAR nor the corresponding Option has
expired, such SAR shall be deemed to have been exercised by the Participant on
such last day and the Company shall make the appropriate payment therefor.

                  (c) PAYMENT. Upon the exercise of an SAR, the Company shall
pay to the Participant an amount equal to the number of shares subject to the
SAR multiplied by the excess, if any, of the Fair Market Value of one share of
Stock on the exercise date over the Strike Price. The Company shall

<PAGE>

                                                                              10

pay such excess in cash, in shares of Stock valued at Fair Market Value, or any
combination thereof, as determined by the Committee. Fractional shares shall be
settled in cash.

                  (d) METHOD OF EXERCISE. A Participant may exercise an SAR at
such time or times as may be determined by the Committee at the time of grant by
filing an irrevocable written notice with the Committee or its designee,
specifying the number of SARs to be exercised, and the date on which such SARs
were awarded.

                  (e) EXPIRATION. Except as otherwise provided in the case of
SARs granted in connection with Options, an SAR shall expire on a date
designated by the Committee which is not later than ten years after the Date of
Grant of the SAR.

9.    PERFORMANCE SHARES

                  (a) AWARD GRANTS. The Committee is authorized to establish
Performance Share programs to be effective over designated Award Periods
determined by the Committee. At the beginning of each Award Period, the
Committee will establish in writing Performance Goals based for such Award
Period and a schedule relating the accomplishment of the Performance Goals to
the Awards to be earned by Participants. The Committee shall determine the
number of Performance Share Units to be awarded, if any, to each Participant who
is selected to receive such an Award. The Committee may add new Participants to
a Performance Share program after its commencement by making pro-rata grants.

                  (b) DETERMINATION OF AWARD. At the completion of a Performance
Share Award Period, or at other times as specified by the Committee, the
Committee shall calculate the number of shares of Stock earned with respect to
each Participant's Performance Share Unit Award by multiplying the number of
Performance Share Units granted to the Participant by a performance factor
representing the degree of attainment of the Performance Goals.

                  (c) PARTIAL AWARDS. A Participant for less than a full Award
Period, whether by reason of commencement or termination of employment or
otherwise, shall receive such portion of an Award, if any, for that Award Period
as the Committee shall determine.

                  (d) PAYMENT OF PERFORMANCE SHARE UNIT AWARDS. Performance
Share Unit Awards shall be payable in that number of shares of Stock determined
in accordance with Section 9(b); provided, however, that, at its discretion, the
Committee may make payment to any Participant in the form of cash. The amount of
any payment made in cash shall be based upon the Fair Market Value of the Stock
on the day prior to payment. Payments of Performance Share Unit Awards shall be
made as soon as practicable after the completion of an Award Period.

                  (e) ADJUSTMENT OF PERFORMANCE GOALS. The Committee may, during
the Award Period, make such adjustments to Performance Goals as it may deem
appropriate to compensate for, or reflect, (i) extraordinary or non-recurring
events experienced during an Award Period by the Company or by any other
corporation whose performance is relevant to the determination of whether
Performance Goals have been attained; (ii) any significant changes that may have
occurred during such Award Period in applicable accounting rules or principles
or changes in the Company's method of accounting or in that of any other
corporation whose performance is relevant to the determination of whether an
Award has been earned or (iii) any significant changes that may have occurred
during such Award Period in tax laws or other laws or regulations that alter or
affect the computation of the measures of Performance Goals used for the
calculation of Awards.

                  (f) APPLICABILITY OF SECTION 162(m). With respect to Awards of
Performance Shares intended to qualify as "performance-based compensation" under
Section 162(m) of the Code, this Section 9 (including the substance of the
Performance Goals, the timing of establishment of the Performance Goals, the
adjustment of the Performance Goals and determination of the Award) shall be

<PAGE>

                                                                              11

implemented by the Committee in a manner designed to preserve such Awards as
such "performance-based compensation."

10.   Restricted Stock Awards and Phantom Stock Units

                  (a) AWARD OF RESTRICTED STOCK AND PHANTOM STOCK UNITS.

                        (i) The Committee shall have the authority (1) to grant
      Restricted Stock and Phantom Stock Unit Awards to Eligible Persons, (2) to
      issue or transfer Restricted Stock to Participants, and (3) to establish
      terms, conditions and restrictions applicable to such Restricted Stock and
      Phantom Stock Units, including the Restricted Period, which may differ
      with respect to each grantee, the time or times at which Restricted Stock
      or Phantom Stock Units shall be granted or become vested and the number of
      shares or units to be covered by each grant.

                        (ii) Each Participant granted a Restricted Stock Award
      shall execute and deliver to the Company an Award agreement with respect
      to the Restricted Stock setting forth the restrictions and other terms and
      conditions applicable to such Restricted Stock. If the Committee
      determines that the Restricted Stock shall be held in escrow rather than
      delivered to the Participant pending the release of the applicable
      restrictions, the Committee may require the Participant to additionally
      execute and deliver to the Company (i) an escrow agreement satisfactory to
      the Committee and (ii) the appropriate blank stock powers with respect to
      the Restricted Stock covered by such agreement. If a Participant shall
      fail to execute a Restricted Stock agreement and, if applicable, an escrow
      agreement and stock powers, the Award shall be null and void. Subject to
      the restrictions set forth in Section 10(b), the Participant generally
      shall have the rights and privileges of a stockholder as to such
      Restricted Stock, including the right to vote such Restricted Stock. At
      the discretion of the Committee, cash dividends and stock dividends with
      respect to the Restricted Stock may be either currently paid to the
      Participant or withheld by the Company for the Participant's account, and
      interest may be credited on the amount of cash dividends withheld at a
      rate and subject to such terms as determined by the Committee. The cash
      dividends or stock dividends so withheld by the Committee and attributable
      to any particular share of Restricted Stock (and earnings thereon, if
      applicable) shall be distributed to the Participant upon the release of
      restrictions on such share and, if such share is forfeited, the
      Participant shall have no right to such cash dividends, stock dividends or
      earnings.

                        (iii) Upon the Award of Restricted Stock, the Committee
      shall cause a stock certificate registered in the name of the Participant
      to be issued and, if it so determines, deposited together with the stock
      powers with an escrow agent designated by the Committee. If an escrow
      arrangement is used, the Committee may cause the escrow agent to issue to
      the Participant a receipt evidencing any stock certificate held by it
      registered in the name of the Participant.

                        (iv) The terms and conditions of a grant of Phantom
      Stock Units shall be reflected in a written Award agreement. No shares of
      Stock shall be issued at the time a Phantom Stock Unit Award is made, and
      the Company will not be required to set aside a fund for the payment of
      any such Award. At the discretion of the Committee, each Phantom Stock
      Unit (representing one share of Stock) awarded to a Participant may be
      credited with cash and stock dividends paid by the Company in respect of
      one share of Stock ("Dividend Equivalents"). At the discretion of the
      Committee, Dividend Equivalents may be either currently paid to the
      Participant or withheld by the Company for the Participant's account, and
      interest may be credited on the amount of cash Dividend Equivalents
      withheld at a rate and subject to such terms as determined by the
      Committee. Dividend Equivalents credited to a Participant's account and
      attributable to any particular Phantom Stock Unit (and earnings thereon,
      if applicable) shall be distributed to the Participant upon settlement of
      such Phantom Stock Unit and, if such Phantom Stock Unit is forfeited, the
      Participant shall have no right to such Dividends Equivalents.

                  (b) RESTRICTIONS.

<PAGE>

                                                                              12

                        (i) Restricted Stock awarded to a Participant shall be
      subject to the following restrictions until the expiration of the
      Restricted Period, and to such other terms and conditions as may be set
      forth in the applicable Award agreement: (1) if an escrow arrangement is
      used, the Participant shall not be entitled to delivery of the stock
      certificate; and (2) the shares shall be subject to forfeiture during the
      Restricted Period and restrictions on transferability, each as set forth
      in the Award agreement and, to the extent such shares are forfeited, the
      stock certificates shall be returned to the Company, and all rights of the
      Participant to such shares and as a shareholder shall terminate without
      further obligation on the part of the Company.

                        (ii) Phantom Stock Units awarded to any Participant
      shall be subject to (1) forfeiture until the expiration of the Restricted
      Period, to the extent provided in the applicable Award agreement, and to
      the extent such Phantom Stock Units are forfeited, all rights of the
      Participant to such Phantom Stock Units shall terminate without further
      obligation on the part of the Company and (2) such other terms and
      conditions as may be set forth in the applicable Award agreement.

                        (iii) The Committee shall have the authority to remove
      any or all of the restrictions on the Restricted Stock and Phantom Stock
      Units whenever it may determine that, by reason of changes in applicable
      laws or other changes in circumstances arising after the date of the
      Restricted Stock Award or Phantom Stock Award, such action is appropriate.

                  (c) RESTRICTED PERIOD. The Restricted Period of Restricted
Stock and Phantom Stock Units shall commence on the Date of Grant and shall
expire from time to time as to that part of the Restricted Stock and Phantom
Stock Units indicated in a schedule established by the Committee in the
applicable Award agreement.

                  (d) DELIVERY OF RESTRICTED STOCK AND SETTLEMENT OF PHANTOM
STOCK UNITS. Upon the expiration of the Restricted Period with respect to any
shares of Stock covered by a Restricted Stock Award, the restrictions set forth
in Section 10(b) and the applicable Award agreement shall be of no further force
or effect with respect to shares of Restricted Stock which have not then been
forfeited, except as otherwise set forth in the applicable Award agreement. If
an escrow arrangement is used, upon such expiration, the Company shall deliver
to the Participant, or his beneficiary, without charge, the stock certificate
evidencing the shares of Restricted Stock which have not then been forfeited and
with respect to which the Restricted Period has expired (to the nearest full
share) and any cash dividends or stock dividends credited to the Participant's
account with respect to such Restricted Stock and the interest thereon, if any.

            Upon the expiration of the Restricted Period with respect to any
Phantom Stock Units covered by a Phantom Stock Unit Award, the Company shall
deliver to the Participant, or his beneficiary, without charge, one share of
Stock for each Phantom Stock Unit which has not then been forfeited and with
respect to which the Restricted Period has expired ("Vested Unit"); provided,
however, that, if so noted in the applicable Award agreement, the Committee may,
in its sole discretion, elect to pay cash or part cash and part Stock in lieu of
delivering only Stock for Vested Units. If cash payment is made in lieu of
delivering Stock, the amount of such payment shall be equal to the Fair Market
Value of the Stock as of the date on which the Restricted Period lapsed with
respect to such Vested Unit.

                  (e) STOCK RESTRICTIONS. Each certificate representing
Restricted Stock awarded under the Plan shall bear a legend substantially in the
form of the following until the lapse of all restrictions with respect to such
Stock:

            Transfer of this certificate and the shares represented hereby is
      restricted pursuant to the terms of the Movado Group, Inc. 1996 Stock
      Incentive Plan and a Restricted Stock Purchase and Award Agreement, dated
      as of _____________, between

<PAGE>

                                                                              13

      Movado Group, Inc. and __________________. A copy of such Agreement is on
      file at the offices of Movado Group, Inc.

Stop transfer orders shall be entered with the Company's transfer agent and
registrar against the transfer of legended securities.

                  (f) APPLICABILITY OF SECTION 162(m). With respect to Awards of
Restricted Stock or Phantom Stock Units intended to qualify as
"performance-based compensation" under Section 162(m) of the Code, the Committee
shall establish and administer Performance Goals in the manner described in
Section 9 as an additional condition to the vesting and payment of such Awards.

11.   STOCK BONUS AWARDS

            The Committee may issue unrestricted Stock, or other awards
denominated in Stock, under the Plan to Eligible Persons, alone or in tandem
with other Awards, in such amounts and subject to such terms and conditions as
the Committee shall from time to time in its sole discretion determine. Stock
Bonus Awards under the Plan shall be granted as, or in payment of, a bonus, or
to provide incentives or recognize special achievements or contributions. With
respect to Stock Bonus Awards intended to qualify as "performance-based
compensation" under Section 162(m) of the Code, the Committee shall establish
and administer Performance Goals in the manner described in Section 9 as an
additional condition to the vesting and payment of such Stock Bonus Awards.

12.   GENERAL

                  (a) ADDITIONAL PROVISIONS OF AN AWARD. Awards to a Participant
under the Plan also may be subject to such other provisions (whether or not
applicable to the benefit awarded to any other Participant) as the Committee
determines appropriate including, without limitation, provisions to assist the
Participant in financing the purchase of Stock upon the exercise of Options
(provided, that the Committee determines that providing such financing does not
violate the Sarbanes-Oxley Act of 2002), provisions for the forfeiture of or
restrictions on resale or other disposition of shares of Stock acquired under
any Award, provisions giving the Company the right to repurchase shares of Stock
acquired under any Award in the event the Participant elects to dispose of such
shares, provisions allowing the Participant to elect to defer the receipt of
payment in respect of Awards for a specified period or until a specified event,
and provisions to comply with Federal and state securities laws and Federal and
state tax withholding requirements. Any such provisions shall be reflected in
the applicable Award agreement.

                  (b) PRIVILEGES OF STOCK OWNERSHIP. Except as otherwise
specifically provided in the Plan, no person shall be entitled to the privileges
of ownership in respect of shares of Stock which are subject to Awards hereunder
until such shares have been issued to that person.

                  (c) GOVERNMENT AND OTHER REGULATIONS. The obligation of the
Company to settle Awards in Stock shall be subject to all applicable laws,
rules, and regulations, and to such approvals by governmental agencies as may be
required. Notwithstanding any terms or conditions of any Award to the contrary,
the Company shall be under no obligation to offer to sell or to sell and shall
be prohibited from offering to sell or selling any shares of Stock pursuant to
an Award unless such shares have been properly registered for sale pursuant to
the Securities Act with the Securities and Exchange Commission or unless the
Company has received an opinion of counsel, satisfactory to the Company, that
such shares may be offered or sold without such registration pursuant to an
available exemption therefrom and the terms and conditions of such exemption
have been fully complied with. The Company shall be under no obligation to
register for sale under the Securities Act any of the shares of Stock to be
offered or sold under the Plan. If the shares of Stock offered for sale or sold
under the Plan are offered or sold pursuant to an exemption from registration
under the Securities Act, the Company may restrict the transfer of such shares
and may legend the Stock certificates representing such shares in such manner as
it deems advisable to ensure the availability of any such exemption.

<PAGE>

                                                                              14

                  (d) TAX WITHHOLDING.

                        (i) A Participant may be required to pay to the Company
or any Affiliate and the Company or any Affiliate shall have the right and is
hereby authorized to withhold from any shares of Stock or other property
deliverable under any Award or from any compensation or other amounts owing to a
Participant the amount (in cash, Stock or other property) of any required tax
withholding and payroll taxes in respect of an Award, its exercise, or any
payment or transfer under an Award or under the Plan and to take such other
action as may be necessary in the opinion of the Company to satisfy all
obligations for the payment of such taxes.

                        (ii) Without limiting the generality of clause (i)
above, the Committee may, in its sole discretion, permit a Participant to
satisfy, in whole or in part, the foregoing withholding liability (but no more
than the minimum required withholding liability) by (A) delivery of Mature
Shares of Stock or Class A common stock owned by the Participant with a Fair
Market Value equal to such withholding liability or (B) having the Company
withhold from the number of shares of Stock otherwise issuable pursuant to the
exercise or settlement of the Award a number of shares with a Fair Market Value
equal to such withholding liability.

                  (e) CLAIM TO AWARDS AND EMPLOYMENT RIGHTS. No employee of the
Company, a Subsidiary or Affiliate, or other person, shall have any claim or
right to be granted an Award under the Plan or, having been selected for the
grant of an Award, to be selected for a grant of any other Award. Neither the
Plan nor any action taken hereunder shall be construed as giving any Participant
any right to be retained in the employ or service of the Company, a Subsidiary
or an Affiliate.

                  (f) DESIGNATION AND CHANGE OF BENEFICIARY. Each Participant
shall file with the Committee a written designation of one or more persons as
the beneficiary who shall be entitled to receive the amounts payable with
respect to an Award, if any, due under the Plan upon his death. A Participant
may, from time to time, revoke or change his beneficiary designation without the
consent of any prior beneficiary by filing a new designation with the Committee.
The last such designation received by the Committee shall be controlling;
provided, however, that no designation, or change or revocation thereof, shall
be effective unless received by the Committee prior to the Participant's death,
and in no event shall it be effective as of a date prior to such receipt. If no
beneficiary designation is filed by a Participant, the Beneficiary shall be
deemed to be his or her spouse or, if the Participant is unmarried at the time
of death, his or her estate.

                  (g) PAYMENTS TO PERSONS OTHER THAN PARTICIPANTS. If the
Committee shall find that any person to whom any amount is payable under the
Plan is unable to care for his affairs because of illness or accident, or is a
minor, or has died, then any payment due to such person or his estate (unless a
prior claim therefor has been made by a duly appointed legal representative)
may, if the Committee so directs the Company, be paid to his spouse, child,
relative, an institution maintaining or having custody of such person, or any
other person deemed by the Committee to be a proper recipient on behalf of such
person otherwise entitled to payment. Any such payment shall be a complete
discharge of the liability of the Committee and the Company therefor.

                  (h) NO LIABILITY OF COMMITTEE MEMBERS. No member of the
Committee shall be personally liable by reason of any contract or other
instrument executed by such member or on his behalf in his capacity as a member
of the Committee nor for any mistake of judgment made in good faith, and the
Company shall indemnify and hold harmless each member of the Committee and each
other employee, officer or director of the Company to whom any duty or power
relating to the administration or interpretation of the Plan may be allocated or
delegated, against any cost or expense (including counsel fees) or liability
(including any sum paid in settlement of a claim) arising out of any act or
omission to act in connection with the Plan unless arising out of such person's
own fraud or willful bad faith; provided, however, that approval of the Board
shall be required for the payment of any amount in settlement of a claim against
any such person. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which such persons may be entitled
under the Company's Articles of

<PAGE>

                                                                              15

Incorporation or By-Laws, as a matter of law, or otherwise, or any power that
the Company may have to indemnify them or hold them harmless.

                  (i) GOVERNING LAW. The Plan shall be governed by and construed
in accordance with the internal laws of the State of New York applicable to
contracts made and performed wholly within the State of New York.

                  (j) FUNDING. No provision of the Plan shall require the
Company, for the purpose of satisfying any obligations under the Plan, to
purchase assets or place any assets in a trust or other entity to which
contributions are made or otherwise to segregate any assets, nor shall the
Company maintain separate bank accounts, books, records or other evidence of the
existence of a segregated or separately maintained or administered fund for such
purposes. Holders shall have no rights under the Plan other than as unsecured
general creditors of the Company, except that insofar as they may have become
entitled to payment of additional compensation by performance of services, they
shall have the same rights as other employees under general law.

                  (k) NONTRANSFERABILITY.

                        (i) Each Award shall be exercisable only by a
Participant during the Participant's lifetime, or, if permissible under
applicable law, by the Participant's legal guardian or representative. No Award
may be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant otherwise than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the
Company, a Subsidiary or an Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance.

                        (ii) Notwithstanding the foregoing, the Committee may,
in its sole discretion, permit Awards other than Incentive Stock Options to be
transferred by a Participant, without consideration, subject to such rules as
the Committee may adopt consistent with any applicable Award agreement to
preserve the purposes of the Plan, to:

                        (A)   any person who is a "family member" of the
                              Participant, as such term is used in the
                              instructions to Form S-8 (collectively, the
                              "Immediate Family Members");

                        (B)   a trust solely for the benefit of the Participant
                              and his or her Immediate Family Members;

                        (C)   a partnership or limited liability company whose
                              only partners or shareholders are the Participant
                              and his or her Immediate Family Members; or

                        (D)   any other transferee as may be approved either (a)
                              by the Board or the Committee in its sole
                              discretion, or (b) as provided in the applicable
                              Award agreement;

(each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a "Permitted Transferee"); provided that the Participant gives
the Committee advance written notice describing the terms and conditions of the
proposed transfer and the Committee notifies the Participant in writing that
such a transfer would comply with the requirements of the Plan.

                              (iii) The terms of any Award transferred in
accordance with the immediately preceding sentence shall apply to the Permitted
Transferee and any reference in the Plan, or in any applicable Award Agreement,
to a Participant shall be deemed to refer to the Permitted Transferee,

<PAGE>

                                                                              16

except that (A) Permitted Transferees shall not be entitled to transfer any
Awards, other than by will or the laws of descent and distribution; (B)
Permitted Transferees shall not be entitled to exercise any transferred Option
unless there shall be in effect a registration statement on an appropriate form
covering the shares of Stock to be acquired pursuant to the exercise of such
Option if the Committee determines, consistent with any applicable Award
agreement, that such a registration statement is necessary or appropriate, (C)
the Committee or the Company shall not be required to provide any notice to a
Permitted Transferee, whether or not such notice is or would otherwise have been
required to be given to the Participant under the Plan or otherwise, and (D) the
consequences of the termination of the Participant's employment by, or services
to, the Company, a Subsidiary or an Affiliate under the terms of the Plan and
the applicable Award agreement shall continue to be applied with respect to the
Participant, following which any transferred Options shall be exercisable by the
Permitted Transferee only to the extent, and for the periods, specified in the
Plan and the applicable Award agreement.

                  (l) RELIANCE ON REPORTS. Each member of the Committee and each
member of the Board shall be fully justified in relying, acting or failing to
act, and shall not be liable for having so relied, acted or failed to act in
good faith, upon any report made by the independent public accountant of the
Company and its Affiliates and upon any other information furnished in
connection with the Plan by any person or persons other than himself.

                  (m) RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan
shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company
or any Subsidiary except as otherwise specifically provided in such other plan.

                  (n) EXPENSES. The expenses of administering the Plan shall be
borne by the Company and its Affiliates.

                  (o) PRONOUNS. Masculine pronouns and other words of masculine
gender shall refer to both men and women.

                  (p) TITLES AND HEADINGS. The titles and headings of the
sections in the Plan are for convenience of reference only, and in the event of
any conflict, the text of the Plan, rather than such titles or headings shall
control.

                  (q) TERMINATION OF EMPLOYMENT. Unless an applicable Award
agreement provides otherwise, for purposes of the Plan a person who transfers
from employment or service with the Company to employment or service with a
Subsidiary or an Affiliate or vice versa shall not be deemed to have terminated
employment or service with the Company, a Subsidiary or an Affiliate.

                  (r) SEVERABILITY. If any provision of the Plan or any Award
agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in
any jurisdiction or as to any person or Award, or would disqualify the Plan or
any Award under any law deemed applicable by the Committee, such provision shall
be construed or deemed amended to conform to the applicable laws, or if it
cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, person or Award and the
remainder of the Plan and any such Award shall remain in full force and effect.

13.   Changes in Capital Structure

            Awards granted under the Plan and any agreements evidencing such
Awards, the maximum number of shares of Stock subject to all Awards stated in
Section 5(a) and the maximum number of shares of Stock with respect to which any
one person may be granted Awards during any period stated in Sections 5(d) or
5(e) shall be subject to adjustment or substitution, as determined by the
Committee in its sole discretion, as to the number, price or kind of a share of
Stock or other consideration subject to such

<PAGE>
                                                                              17

Awards or as otherwise determined by the Committee to be equitable (i) in the
event of changes in the outstanding Stock or in the capital structure of the
Company by reason of stock or extraordinary cash dividends, stock splits,
reverse stock splits, recapitalization, reorganizations, mergers,
consolidations, combinations, exchanges, or other relevant changes in
capitalization occurring after the Date of Grant of any such Award or (ii) in
the event of any change in applicable laws or any change in circumstances which
results in or would result in any substantial dilution or enlargement of the
rights granted to, or available for, Participants, or which otherwise warrants
equitable adjustment because it interferes with the intended operation of the
Plan. Any adjustment in Incentive Stock Options under this Section 13 shall be
made only to the extent not constituting a "modification" within the meaning of
Section 424(h)(3) of the Code, and any adjustments under this Section 13 shall
be made in a manner which does not adversely affect the exemption provided
pursuant to Rule 16b-3 under the Exchange Act. Further, with respect to Awards
intended to qualify as "performance-based compensation" under Section 162(m) of
the Code, such adjustments or substitutions shall be made only to the extent
that the Committee determines that such adjustments or substitutions may be made
without causing the Company to be denied a tax deduction on account of Section
162(m) of the Code. The Company shall give each Participant notice of an
adjustment hereunder and, upon notice, such adjustment shall be conclusive and
binding for all purposes.

            Notwithstanding the above, in the event of any of the following:

            A. The Company is merged or consolidated with another corporation or
entity and, in connection therewith, consideration is received by shareholders
of the Company in a form other than stock or other equity interests of the
surviving entity;

            B. All or substantially all of the assets of the Company are
acquired by another person;

            C. The reorganization or liquidation of the Company; or

            D. The Company shall enter into a written agreement to undergo an
event described in clauses A, B or C above,

then the Committee may, in its discretion and upon at least 10 days advance
notice to the affected persons, cancel any outstanding Awards and pay to the
holders thereof, in cash or stock, or any combination thereof, the value of such
Awards based upon the price per share of Stock received or to be received by
other shareholders of the Company in the event. The terms of this Section 13 may
be varied by the Committee in any particular Award agreement.

14.   Effect of Change in Control

            Except to the extent reflected in a particular Award agreement:

                  (a) In the event of a Change in Control, notwithstanding any
provision of the Plan to the contrary, all Options and SARs shall become
immediately exercisable with respect to 100 percent of the shares subject to
such Option or SAR, and the Restricted Period shall expire immediately with
respect to 100 percent of such Phantom Stock Units or shares of Restricted Stock
(including a waiver of any applicable Performance Goals) and, to the extent
practicable, such acceleration of exercisability and expiration of the
Restricted Period (as applicable) shall occur in a manner and at a time which
allows affected Participants the ability to participate in the Change in Control
transaction with respect to the Stock subject to their Awards.

<PAGE>

                                                                              18

                  (b) In the event of a Change in Control, all incomplete Award
Periods in effect on the date the Change in Control occurs shall end on the date
of such change, and the Committee shall (i) determine the extent to which
Performance Goals with respect to each such Award Period have been met based
upon such audited or unaudited financial information then available as it deems
relevant, (ii) cause to be paid to each Participant partial or full Awards with
respect to Performance Goals for each such Award Period based upon the
Committee's determination of the degree of attainment of Performance Goals, and
(iii) cause all previously deferred Awards to be settled in full as soon as
possible.

                  (c) In addition, in the event of a Change in Control, the
Committee may in its discretion and upon at least 10 days' advance notice to the
affected persons, cancel any outstanding Awards and pay to the holders thereof,
in cash or stock, or any combination thereof, the value of such Awards based
upon the price per share of Stock received or to be received by other
shareholders of the Company in the event.

                  (d) The obligations of the Company under the Plan shall be
binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to substantially all of the
assets and business of the Company. The Company agrees that it will make
appropriate provisions for the preservation of Participants' rights under the
Plan in any agreement or plan which it may enter into or adopt to effect any
such merger, consolidation, reorganization or transfer of assets.

15.   Nonexclusivity of the Plan

            Neither the adoption of this Plan by the Board nor the submission of
this Plan to the stockholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the
granting of stock options otherwise than under this Plan, and such arrangements
may be either applicable generally or only in specific cases.

16.   Amendments and Termination

            (a) AMENDMENT AND TERMINATION OF THE PLAN. The Board may amend,
alter, suspend, discontinue, or terminate the Plan or any portion thereof at any
time; provided that no such amendment, alteration, suspension, discontinuation
or termination shall be made without shareholder approval if such approval is
necessary to comply with any tax or regulatory requirement applicable to the
Plan (including as necessary to comply with any applicable stock exchange
listing requirement or to prevent the Company from being denied a tax deduction
on account of Section 162(m) of the Code); and provided further that any such
amendment, alteration, suspension, discontinuance or termination that would
impair the rights of any Participant or any holder or beneficiary of any Award
theretofore granted shall not to that extent be effective without the consent of
the affected Participant, holder or beneficiary.

            (b) AMENDMENT OF AWARD AGREEMENTS. The Committee may, to the extent
consistent with the terms of any applicable Award agreement, waive any
conditions or rights under, amend any terms of, or alter, suspend, discontinue,
cancel or terminate, any Award theretofore granted or the associated Award
agreement, prospectively or retroactively; provided that any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination
that would impair the rights of any Participant or any holder or beneficiary of
any Option theretofore granted shall not to that extent be effective without the
consent of the affected Participant, holder or beneficiary; and provided further
that, without stockholder approval, (i) no amendment or modification may reduce
the exercise price of any Option, (ii) the Committee may not cancel any
outstanding Option and replace it with a new Option (with a

<PAGE>

                                                                              19

lower exercise price) in a manner which would either (A) be reportable on the
Company's proxy statement as Options which have been "repriced" (as such term is
used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B)
result in any Option being accounted for under the "variable" method for
financial statement reporting purposes and (iii) the Committee may not take any
other action which is considered a "repricing" for purposes of the shareholder
approval rules of any applicable stock exchange.

                                      * * *

As amended and restated by the Board of
Directors of Movado Group, Inc. at a meeting
held on April 8, 2004<PAGE>

                                                                EXHIBIT  10.38**

                                License Agreement

between

HUGO BOSS Trade Mark Management GmbH & Co. KG
Dieselstrasse 12
D-72555 Metzingen
Germany

                                      - hereinafter referred to as "HUGO BOSS" -

and

MGI Luxury Group S.A.
35 Rue de Nideau
CH-2501 Bienne
Switzerland

                                     -  hereinafter referred to as "Licensee"  -

**CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED FROM PAGES 3, 5, 6,
10, 11-13, 20, 22-24; APPENDIX 3 (PAGES 7-54 AND PAGE 58); APPENDIX 4 (PAGES
1-14) AND APPENDIX 6 AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION ("SEC") PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF
1934,AS AMENDED ("1934 ACT").

<PAGE>
                                       2

Preface

a)     HUGO BOSS is entitled to grant licences for the trademarks "BOSS", "HUGO
       BOSS", "BOSS HUGO BOSS", "HUGO", and "HUGO HUGO BOSS" which are
       registered or under application for registration for various products in
       numerous countries around the world.

       The HUGO BOSS group enjoys an excellent reputation world-wide as an
       established fashion house, which is based upon the high quality of HUGO
       BOSS products and the special HUGO BOSS image.

b)     Licensee is aware that HUGO BOSS grants production and distribution
       licenses to third parties for the above trademarks.

c)     Proceeding from the foregoing, the parties wish to enter into a licence
       agreement on certain watch products and agree as follows:

1.     Grant of License

1.1    Subject to the terms of this Agreement, HUGO BOSS hereby grants to the
       Licensee the exclusive non-transferable license to use the trademarks
       "HUGO BOSS", "BOSS HUGO BOSS", "HUGO HUGO BOSS", "BOSS", and "HUGO" as
       set forth in Appendices 1 and 2 to this Agreement, and any other
       trademarks which at any time during the term of this Agreement are owned
       by HUGO BOSS for Licensed Products (as hereinafter defined) and contain
       either or both the words "HUGO" and/or "BOSS" (hereinafter referred to as
       the "Trademarks"), for the production, marketing, advertising, promotion,
       sale and distribution of the Licensed Products (as hereinafter defined)
       in the License Territory (as hereinafter defined) and in connection
       therewith, and subject to the terms hereof, to use the reputation and the
       image of HUGO BOSS and the products of HUGO BOSS. Notwithstanding the
       foregoing, Licensee shall not have any right to use any trademark
       containing the word BALDESSARINI. In addition, Hugo Boss hereby grants
       Licensee the non-exclusive right and license to use the tradename HUGO
       BOSS as a tradename solely in connection with Licensee performing its
       obligations and exercising its rights under this Agreement.

       The License includes, besides the exclusive right to use the Trademarks
       as set forth above, the exclusive right to use the Trademarks in
       advertising and PR materials, in promotional materials and on the
       packaging of the Licensed Products, subject to and within the limitations
       of the other provisions of this Agreement, in particular Art. 10.
       Trademark use on promotional gifts is only permitted upon obtaining the
       prior written approval of HUGO BOSS. The

<PAGE>
                                       3

       License further includes the exclusive right to use the Licensor Designs
       (as defined in section 6.5 hereof) and the right to use designs of the
       promotional material, and all associated copyrights, trade dress rights,
       and other design rights.

       "HUGO BOSS group" means all subsidiaries linked to HUGO BOSS AG,
       Dieselstrasse 12, D-72555 Metzingen, in accordance with ss. 18 of the
       German Stock Corporation Act ("Aktiengesetz").

       "Licensed Products" means watches, e.g. wristwatches, pocket watches,
       alarm watches, in each case bearing the Trademarks on labelling, tags
       and/or on the products themselves.

       "License Territory" means all countries of the world

       "Exclusive" means in this context that during the term of this Agreement,
       HUGO BOSS will not grant any further licenses for the production,
       marketing, advertising, promotion, sale and/or distribution in the
       License Territory of the Licensed Products and moreover will not itself
       produce and/or distribute any Licensed Products in the License Territory.
       Notwithstanding the foregoing, HUGO BOSS retains the right to produce
       and/or distribute Licensed Products bearing the Trademarks to the extent
       it in good faith deems such use necessary or useful in order to perfect
       or preserve its rights in the Trademarks and only to the extent that
       Licensee has refused or failed to provide Hugo Boss with the necessary
       Licensed Products within a reasonable time after written request made to
       Licensee by Hugo Boss. All such Licensed Products provided by Licensee to
       HUGO BOSS shall be under terms of sale that are * consistent with Sec.
       8.3 hereof. Moreover, nothing set forth herein shall limit in any way
       HUGO BOSS' right to manufacture and/or distribute and/or grant licenses
       for manufacture and/or distribution of products other than Licensed
       Products, in particular, men's and women's jewellery of precious metals
       and alternative materials, e.g. rings, bracelets, chains, cufflinks,
       earrings, key rings.

1.2    It is the intention of the parties that the Licensee exploits the rights
       granted hereunder throughout the whole of the License Territory to the
       extent commercially reasonable. Subject to the terms of this Agreement,
       it shall be considered commercially reasonable for the Licensee to make
       use of the license and engage in an active course of distribution and
       marketing activities in those countries within the License Territory
       where the HUGO BOSS group has an existing marketing and distribution
       structure for its core products. However, the parties agree that Licensed
       Products shall be distributed, marketed and sold - at a minimum - in the
       following countries: (Europe:) United Kingdom, Germany, France, Spain,
       Italy, Benelux, Switzerland, Austria,

* CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT

<PAGE>
                                       4

       (Asia:) Japan, Hong Kong, South Korea, Taiwan, PR China, Singapore,
       (Americas:) U.S.A., Canada, Mexico.

       Licensee shall refrain from any activity which could adversely affect in
       any way the cooperation of the parties under this Agreement and any third
       party licensee of HUGO BOSS with respect to production, distribution,
       sales and promotion campaigns or any other activity using or in
       connection with the Trademarks.

2.     Subcontractors

2.1    The Licensee is entitled to have the Licensed Products manufactured by
       third parties acting as subcontractors. In any case, manufacturers of the
       Licensed Product are to be considered as subcontractors according to this
       regulation. Licensee shall inform HUGO BOSS in a timely manner of new
       subcontractors at the latest 6 (six month) after production start.

2.2    Licensee warrants to HUGO BOSS that each subcontractor will perform all
       relevant obligations under this Agreement.

2.3    HUGO BOSS may request for cause, upon written notice to Licensee, at any
       time that a subcontractor shall discontinue the manufacturing of the
       License Products. It shall be considered as cause if, based on reasonable
       grounds which shall be set forth in the written notice delivered to
       Licensee as provided above, it appears likely that the subcontractor will
       materially and enduringly imperil the marketing concept of HUGO BOSS e.g.
       through the production of Licensed Products of inferior quality. The
       Licensee warrants that its agreements with subcontractors shall provide
       for immediate termination on the aforementioned grounds.

<PAGE>
                                       5

3.     HUGO BOSS Team

       LICENSEE shall at all times maintain a separate team of highly
       experienced and qualified people solely in charge of the development, the
       marketing and the overall distribution and sale strategy of the Licensed
       Products.

4.     Payments / Taxes

4.1    The license and marketing fees payable by Licensee to HUGO BOSS are
       stated in CHF. The payment shall be made to account : *

       or such other account as HUGO BOSS may from time to time designate to
       Licensee in writing. Any amounts owing to HUGO BOSS which are past due
       shall bear interest of the applicable Base Rate of the Deutsche
       Bundesbank plus eight (8) per cent.

4.2    Direct taxes on the license fees and/or advertising contributions in the
       Federal Republic of Germany will be assumed by HUGO BOSS; Licensee agrees
       to pay any turnover tax (VAT) and/or withholding tax on the license fees,
       Marketing Contribution (as defined in Sec. 10.8) and/or Advertising Fees
       (as defined in Sec. 10.4) imposed on Licensee under the law of
       Switzerland, any Swiss Canton or any other taxing authority within
       Switzerland. An amount equal to the withholding taxes paid by Licensee
       shall be deducted by Licensee from the License Fees payable under Article
       5 and/or from the Marketing Contribution or Advertising Fees payable
       under Article 10. Licensee shall, in due time, furnish HUGO BOSS with all
       certificates or other administrative documents issued by the Swiss taxing
       authority on the withholding taxes paid.

5.     License Fees

5.1    As compensation for the rights and opportunities for use provided in this
       Agreement, Licensee shall pay to HUGO BOSS a license fee in the amount of
       * of the sum of the Net Sales. Net Sales shall designate the sales of
       Licensed Products made and invoiced by Licensee or by any entity
       controlled by, under common control with, or controlling Licensee
       ("Licensee Affiliate") to an unrelated third party (e.g. customer or
       distributor) after the deduction of:

              -      Sales or value added taxes;

              -      Customs duties and insurance costs;

              -      Packing and freight charges;

* CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24-b2 OF THE 1934 ACT.

<PAGE>
                                       6

              -      Returns that Licensee actually authorizes and receives, not
                     exceeding * total sales of Licensed Products in such year;
                     and

              -      Rebates and other allowances, defined as credits to a
                     customer after delivery that Licensee actually grants in
                     writing to the extent auditable, expressly excluding
                     credits for warranty related or delivery or quality issues,
                     and further excluding any credits included within the
                     Marketing Contribution (as defined in Sec. 10.8) and not
                     exceeding in any year * total sales of Licensed Products in
                     such year,

       provided that each such item is indicated separately and appears clearly
       separate from the product price, or, in the case of returns and
       allowances, is appropriately documented. Subject to Sec. 5.3 and
       subsequent adjustment for returns and allowances, the due date of the
       license fees is Licensee's invoicing date to third parties.

       Notwithstanding anything contained herein to the contrary, Licensee shall
       not be obliged to pay any License Fees for Net Sales made and invoiced
       during the calendar year 2005 in connection with Prior Products (as
       defined in section 17.1).

5.2    Licensee shall have no obligation to pay any minimum license fee for the
       year 2005. Beginning in calendar year 2006 and through the calendar year
       2010, Licensee shall pay to HUGO BOSS a minimum annual license fee each
       year equal to * Net Sales for such year under the Business Plan (as
       defined in Sec. 11).

       (a)    Beginning in calendar year 2011, Licensee shall pay HUGO BOSS an
              annual minimum license fee equal to *

       Notwithstanding the foregoing, in the event that the entity owning either
       the * brand acquires fifty percent (50%) or more of the voting rights of
       Licensee or of any entity controlling Licensee, then the minimum annual
       license fee each year shall be * Net Sales for such year as set forth in
       the Business Plan, beginning with the calendar year in which such change
       of ownership has taken place.

5.3    No later than 30 days after the last day of each calendar quarter (April
       30, July 30, October 30 and January 30, respectively, or if such date
       shall fall on a

* CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       7

       weekend or holiday, the following business day), Licensee shall submit to
       Hugo Boss a written statement setting forth the license fee and
       Advertising Fee (as defined in section 10.4) due for the immediately
       preceding calendar quarter, giving a count by country of total Licensed
       Products sold per stock keeping unit ("SKU") and the applicable Net
       Sales. Licensee shall remit to HUGO BOSS with each such statement the
       aggregate license fee and Advertising Fee due for the calendar quarter
       then ended.

       After the fourth quarter each year, Licensee shall determine the minimum
       license fee and the minimum Advertising Fee due for such year and, where
       necessary, the difference between such minimum fees and the license fees
       and Advertising Fees paid for such year.

       In the event the payments made were less than the minimums due for any
       such year, Licensee shall transmit the difference at the latest with the
       payment of the License fee due for the fourth quarter. In the event the
       payments made were more than minimums due for any such year, Licensee can
       deduct the overpaid differences from the license fee and Advertising Fee
       due in the following quarter.

5.4    The Licensee shall keep complete and accurate records of sales subject to
       license fees, maintain and preserve the underlying documents for at least
       five years following the termination of this Agreement and permit a
       representative or authorised agent of Hugo Boss to examine such records,
       copy them, and audit the corresponding accounting entries in Licensee's
       books during the latter's business hours on at least three business days'
       notice. Notwithstanding the immediate due date and accrual of interest on
       overdue license fees, Licensee shall bear the costs of the audit, but
       only if the license fees paid by the Licensee with respect to any audited
       time period are three or more percent lower than those determined by the
       audit. Hugo Boss shall ensure that all its representatives examining
       Licensee's records are aware of and abide by the confidentiality
       obligations as set forth in Article 14 hereof.

6.     Product Development, Product Design

6.1    To ensure the uniformity of quality and image in all products sold by
       HUGO BOSS and its licensees and bearing HUGO BOSS trademarks, the
       principal design guidelines and general structure of the collection shall
       be provided by HUGO BOSS to Licensee for development of the Licensed
       Products. Licensee agrees to observe and comply with all such guidelines
       and briefings and acknowledges HUGO BOSS' high quality standards and
       reputation in high end fashion products. Hugo Boss will notify Licensee
       in due time when such guidelines will be materially modified.

6.2    Licensee shall provide all its design proposals in the following process:

<PAGE>
                                       8

       (i)    Licensee shall present to HUGO BOSS design drawings. After
              approval according to this subsection 6.2,

       (ii)   Licensee shall present to HUGO BOSS prototypes. After approval
              according this subsection 6.2,

       (iii)  Licensee shall present to HUGO BOSS pre-production samples for
              approval. Licensee warrants that production conforms to the
              approved pre-production samples.

       HUGO BOSS shall, with respect to each submission made by Licensee for
       approval, notify Licensee in writing without undue delay, and in any
       event within ten (10) business days, as to whether it approves the
       submission. Unless Hugo Boss disapproves any submission with the
       specified time period, it will be deemed approved. In the event Hugo Boss
       disapproves any submission, it will furnish Licensee with the reasons for
       such disapproval together with notice thereof.

6.3    Following Licensee's receipt of HUGO BOSS' written approval of any
       prototype, Licensee shall provide HUGO BOSS with samples of the Licensed
       Products from the first production run using the approved designs for the
       purpose of obtaining HUGO BOSS' written approval of said samples. Each
       party shall receive and maintain an approved production run sample of
       every approved model for purposes of documentation of said approval and
       quality control of the Licensed Products pursuant to Sec. 7. The costs of
       creation and supply of the samples shall be borne by Licensee.

6.4    The parties acknowledge and agree that it is essential to the image and
       reputation of HUGO BOSS to regularly adjust the range of designs of the
       Licensed Products (like those of HUGO BOSS and its other licensees) to
       meet new demands and fashion trends. The intervals of the renewal and
       expansion of product designs will be mutually determined by the parties
       acting in good faith.

6.5    Licensee agrees that HUGO BOSS shall become and remain the sole owner of
       any design that it approves hereunder which is not in the public domain
       and which previously was not used by Licensee on products other than the
       Licensed Products, including usage of special materials, creation of
       special colour effects and shapes, to the extent the respective Licensed
       Products are actually offered for sale in any jurisdiction ("Licensor
       Designs"). Hugo Boss shall protect all Licensor Designs, where
       appropriate, in accordance with Sec. 13. of this Agreement. In addition,
       HUGO BOSS remains the sole owner of any design for the Licensed Products
       which was developed by HUGO BOSS. Licensee shall remain the owner of
       designs proposed to HUGO BOSS but not used on any Licensed Products sold
       to third parties.

6.6    Licensee shall provide HUGO BOSS, on its own costs, with one sample of
       each launched Licensed Product.

<PAGE>
                                       9

7.     Quality

7.1    Licensed Products produced by Licensee for sale shall conform to the
       samples from the first production of such Licensed Products approved by
       HUGO BOSS pursuant to Section 6.3. Licensee shall adhere to the standards
       of quality (including, without limitation, materials, design and
       workmanship) set forth in Appendix 3 (as such standards may be updated
       and expanded by mutual agreement between the Parties from time to time)
       and safeguard the quality of Licensed Products by means of
       quality-control measures approved by HUGO BOSS. In doing so, Licensee
       acknowledges HUGO BOSS' high quality standards and reputation in high end
       fashion products.

7.2    All modifications with respect to materials, design and workmanship in a
       series under production require the prior written approval of HUGO BOSS.

7.3    HUGO BOSS may at any time, upon giving reasonable prior notice, carry out
       quality and manufacturing control inspections at the premises of
       Licensee, or wherever the Licensed Products are being manufactured, or it
       may have such inspections performed by third persons. Licensee agrees to
       permit such examinations, also with respect to subcontractors, during
       normal business hours and facilitate said inspections.

7.4    In the event that any Licensed Products produced or in production do not
       conform to the required specifications, HUGO BOSS shall give notice of
       such nonconformity to Licensee and, in HUGO BOSS' sole discretion,
       determine whether the affected Licensed Products may be sold. In the
       event Licensee shall become aware of any such nonconformity, it shall
       immediately notify HUGO BOSS thereof prior to the distribution of the
       affected Licensed Products, so that HUGO BOSS can make appropriate
       decisions as to conforming such products to the applicable quality
       standards that shall be binding upon the Licensee. In any case in which
       either party has notified the other of any such quality problem, no
       affected Licensed Products shall be distributed until HUGO BOSS has
       approved and monitored the necessary modifications to said products or
       otherwise indicated in writing that the products are acceptable. If it is
       not reasonably practicable to conform the affected Licensed Products to
       the applicable quality standards, Licensee shall have the right to sell
       such Licensed Products but only after removing any identifying brand
       names and only through its outlet stores or through approved clearance
       channels; alternatively the affected Licensed Products will be destroyed
       under the supervision of HUGO BOSS and the costs thereof borne by
       Licensee.

<PAGE>
                                       10

8.     Distribution

8.1    Licensee shall be responsible for the distribution of the Licensed
       Products throughout the License Territory. The parties agree that the
       Licensed Products will be offered, sold and distributed by Licensee
       directly and/or through Licensee's distributors exclusively through
       distribution channels: which suit the image of the Trademarks and the
       marketing policies of HUGO BOSS including the following:

       -      specialised retail dealers;

       -      high-end department stores, provided they are HUGO BOSS clients;

       -      BOSS HUGO BOSS Shops, HUGO HUGO BOSS Shops, and HUGO BOSS stores;

       -      Duty-Free stores;

       -      Licensee's own outlet stores;

       -      After prior written approval by HUGO BOSS, which shall not be
              unreasonably withheld: Other clearance channels up to * annual Net
              Sales. In case where said percentage of Net Sales exceeds * ,
              Licensee needs the express and written approval by HUGO BOSS for
              such distribution on a case-by-case basis, such approval not to be
              unreasonably withheld.

       -      After prior written approval by HUGO BOSS: catalogues, premium,
              incentive, and military accounts.

       Within the framework of the Business Plan and subject to this section
       8.1, Licensee shall suggest, and the Parties shall agree on individual
       distribution channels (importers, retail dealers, "points of sale") for
       the Licensed Products.

8.2    Licensee shall enter into separate distribution agreements with its
       distributors. No rights or duties shall be derived for HUGO BOSS from the
       resulting direct contract relationship between Licensee and its
       distributors. However, Licensee guarantees that the agreements between
       Licensee and its distributors will terminate if the agreement between
       HUGO BOSS and Licensee terminates for any reason whatsoever.

       Licensee will terminate its contract with any distributor in the event
       that any such distributor violates a material term of such contract which
       reasonably is expected to adversely affect the reputation, image, style
       and marketing strategy of HUGO BOSS (e.g., no diversion of Licensed
       Products, adherence to advertising protocol, selling only to approved
       accounts), and such violation has not been remedied within fifteen (15)
       calendar days. Licensee warrants that such a remedy and termination
       clause will be provided for in the respective agreements.

8.3    At the request of HUGO BOSS, Licensee will sell the Licensed Products to
       HUGO BOSS itself, to organisations within HUGO BOSS' distribution network
       for further distribution to its local customers (e.g. franchising stores,
       BOSS HUGO

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       11

       BOSS Shops in Shops, etc.) or directly to said local customers. Such
       sales shall be under terms of sale that are * .

8.4    Licensee shall entrust the distribution of the Licensed Products as
       follows:

              Nominated sales personnel shall attend mainly to the distribution
              of the Licensed Products. This personnel will not distribute or be
              otherwise involved in handling any products competing with the
              Licensed Products, i.e. with high-end designer brands, without the
              prior written approval of HUGO BOSS. The distribution system, as
              well as the countries included within Licensee's key market plan
              and Licensee's organizational structure with respect to the
              License Products, are set forth in the Business Plan.

       Licensee will select its sales personnel in accordance with and inform
       its sales personnel of the product philosophy of the Licensed Products as
       communicated by HUGO BOSS. Upon request by HUGO BOSS, Licensee shall
       cause its employees who are entrusted with the distribution of the
       Licensed Products to be trained regularly by HUGO BOSS or by persons or
       companies instructed by HUGO BOSS. Licensee will require each such
       employee to abide by such product philosophy.

8.5    Licensee acknowledges that to preserve the goodwill associated with the
       Trademarks, License Products should be sold at prices and terms
       reflecting the prestigious nature of the Trademarks, and the reputation
       of the Trademarks as appearing on goods of high quality and reasonable
       price, it being understood, however, that Hugo Boss is not empowered and
       may not fix or regulate the prices for which the Licensed Products are to
       be sold, either at the wholesale or the retail level.

8.6    Licensee shall not materially breach the applicable terms and dates of
       delivery and shall in a timely and complete manner inform HUGO BOSS of
       any material problems which arise in connection therewith, particularly
       delivery delays.

8.7    Licensee shall handle all customer inquiries and complaints relating to
       the Licensed Products in a manner consistent with the manner in which it
       handles customer inquiries and complaints relating to watches it sells at
       comparable prices under other brand names. Licensee shall provide
       substantially the same service, warranties, repair and replacement rights
       to wholesale purchasers and consumers of the Licensed Products as it
       provides to purchasers of such other watches. Licensee shall be solely
       responsible for all costs associated with the handling of such inquiries
       and complaints and the provision of such service.

       The After Sales Service is subject to the quality requirements as stated
       in Section 7 of this Agreement and may be controlled by HUGO BOSS in
       accordance with the same conditions.

* CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       12

9.     Launch Dates

       The parties shall agree on an annual general launch schedule, and on
       further seasonal launch schedules based on said annual launch schedule.

10.    Marketing, Advertising and Promotional Measures

10.1   With regard to the general HUGO BOSS marketing activities, HUGO BOSS
       alone is in charge of all activities including all marketing, advertising
       (e.g. newspapers, magazines, billboards, TV, radio, internet sites) and
       promotional as well as sport and art sponsoring activities.

10.2   Within the framework of the Business Plan (Sec. 11), marketing,
       advertising and promotional activities in connection with the Licensed
       Products shall be agreed upon with the Licensee. The parties shall inform
       each other regularly about the implementation of this Business Plan.

10.3   With respect to the Licensed Products, subject to section 10.4, HUGO BOSS
       is in charge of conception and design of all advertising activities (e.g.
       concepts, layouts and shootings for print and billboard campaigns;
       concepts, layouts and production for TV or radio spots; concepts, layouts
       and set ups of internet sites; all media bookings and spending).

10.4   To contribute to the costs for the above-mentioned activities of HUGO
       BOSS, Licensee shall pay to HUGO BOSS an amount each year equal to the
       greater of * target Net Sales for such year set forth in the Business
       Plan ("Advertising Fee"). Notwithstanding the foregoing, in the event
       that the entity owning either the * brand acquires fifty percent (50%) or
       more of the voting rights of Licensee or of any entity controlling
       Licensee, then the Advertising fee each year shall be * target Net Sales
       for such year as set forth in the Business Plan.

       The Advertising Fee shall be paid in accordance with the provisions in
       Sec. 4 and 5. HUGO BOSS shall use this fee for the costs of production
       and placement in print and electronic media of advertising for Licensed
       Products only. HUGO BOSS and Licensee shall, every six (6) months, agree
       in which countries such media budget shall be spent; provided, however,
       that for the U.S.A. only, such media budget shall be withheld and spent
       by Licensee as it shall reasonably determine after approval of HUGO BOSS.
       While in principle, HUGO BOSS shall endeavour to spend the entire
       Advertising Fee paid by Licensee in respect of each year, and Licensee
       shall endeavour to spend the portion thereof withheld for the U.S.A.,
       prior to the end of such year, the parties recognize that this

* CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       13

       will not always be practical or possible and therefore they agree that
       any deficiency will be spent in the immediately following year.

10.5   Licensee shall be responsible for conception and design of point-of-sale
       activities with regard to the Licensed Products, i.e. catalogues for
       retailers and/or sales representatives, special events, co-operative
       advertising with the retailer and product displays. However, all
       advertising materials and promotional activities require the prior
       written approval of HUGO BOSS.

10.6   Moreover, Licensee shall carry out all point-of-sale activities such as
       production and distribution of stand-ups, window cards, catalogues and
       other promotional material, production and distribution of product
       displays, special events, co-operative advertising with retailers.
       Licensee shall also be responsible for trade fairs, product placements,
       media bookings and spending of advertising targeted to retailers.

10.7   Licensee shall be responsible for public relations activities with regard
       to the Licensed Products, i.e. texts, shootings, placement in
       end-consumer press and trade press throughout the License Territory.
       However, all public relations activities require the prior written
       approval of HUGO BOSS.

10.8   All those activities mentioned in Sec. 10.5, Sec. 10.6 and Sec. 10.7
       shall be elaborated in close co-operation with HUGO BOSS or
       persons/companies appointed by HUGO BOSS (for example PR Agencies in
       charge for HUGO BOSS) and are subject to the prior approval of HUGO BOSS.
       Licensee shall bear responsibility for all costs for the activities
       referred to in Sec. 10.5, Sec. 10.6 and Sec. 10.7. For those activities
       Licensee shall spend or cause its distributors to spend at least * of the
       "Net Sales" throughout the term of this agreement ("Marketing
       Contribution"). The Marketing Contribution may be revised from time to
       time by mutual consent.

       Notwithstanding the foregoing, in the event that the entity owning either
       the * brand acquires fifty percent (50%) or more of the voting rights of
       Licensee or of any entity controlling Licensee, then the Marketing
       contribution each year shall be * of target Net Sales for such year as
       set forth in the Business Plan.

10.9   Costs incurred by Licensee in connection with customer accommodation or
       after-sales service, customer gifts or invitations, dealers' meetings and
       training of marketing and sales personnel are not included in the
       activities stated in clauses 10.6 and 10.7 and shall be borne solely by
       Licensee.

10.10  Any and all public statements, publications and information given to
       third parties concerning this Agreement or the relationship between
       Licensee and HUGO BOSS generally must be previously agreed upon by the
       parties, except where such statements are required by law or government
       act. However, the

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       14

       parties shall inform each other of such statements required by law or
       government act. Normal company information of Licensee and HUGO BOSS that
       does not contain any statements regarding the contents of this Agreement
       or its relationship with HUGO BOSS is exempted from this provision.

10.11  Licensee is not permitted to use the Trademarks as a part of its firm
       name or as part of the firm name of a company affiliated or otherwise
       associated with it. The use of the Trademarks by Licensee on letterhead,
       forms, business cards, etc. requires the prior written approval of HUGO
       BOSS.

10.12  The parties will consult at least semi-annually to review the level of
       actual expenditures for (i) the production and placement of advertising
       for the Licensed Products in print and electronic media and (ii) the
       activities set forth in Sections 10.5, 10.6 and 10.7, relative to sales
       growth, including consideration of whether certain increases in such
       expenditures are appropriate. If the parties disagree as to whether
       certain increases are appropriate, a top management meeting of the
       parties can be called by either party and the parties will use their best
       efforts to resolve such disagreement.

11.    Business Plan

11.1   The parties have agreed upon a Business Plan for the term of this
       Agreement, as set forth in Appendix 5 (the "Business Plan"). This
       Business Plan determines:

       -      the sales targets (volume and value), specified by products and
              regions

       -      the sequence of collection development

       -      the distribution structure and distribution manpower investments

       -      the marketing, advertising and promotional investments

       -      the marketing and design manpower investments

       -      the utilisation of marketing, advertising and promotional
              investments

       -      the size of collections and suggested retail price points

       -      the launch schedule

       etc. with regard to the business development of the Licensed Products for
       the complete term of this Agreement. Licensee shall, once a year, develop
       a forward rolling action plan covering the pursuant three (3) years,
       containing among other things, sales, turnover, number of customers per
       country and other data contained in the Business Plan. HUGO BOSS and
       Licensee shall agree on the action plan in a joint annual meeting. If the
       Parties cannot agree on the three-year action plan, a top management
       meeting of the parties can be called by either party and both parties
       will use their best efforts to solve the issue.

<PAGE>
                                       15

11.2   On request by HUGO BOSS, Licensee shall inform HUGO BOSS in writing of
       actions taken and confirm compliance with the individual steps of the
       three-year action plan and the implementation of the planned activities.

12.    Information, Co-ordination and Co-operation

12.1   Licensee shall inform HUGO BOSS in a timely manner, if it terminates the
       collaboration with a distributor.

12.2   HUGO BOSS and the Licensee shall each designate a person at their
       respective companies to be in charge of the development, design and
       marketing of the Licensed Products.

12.3   In co-ordination with Licensee, HUGO BOSS has defined all reporting data
       relevant to HUGO BOSS' quality control of the manufacture, distribution
       and sale of Licensed Products (Appendix 5) and shall specify the
       frequency with which such data is to be made available. This data must be
       electronically processed and made available to HUGO BOSS via data
       transmission in a complete and timely manner. The Parties shall jointly
       decide on changes to the reporting data format.

12.4   HUGO BOSS may specify and furnish the data processing interfaces
       necessary for a smooth exchange of data in accordance with Licensee;
       provided that, in any event, it shall be sufficient if Licensee furnishes
       the required reporting data to Hugo Boss via email.

12.5   The parties will endeavour to keep each other fully informed on a timely
       basis of all issues that reasonably could be expected to have a material
       impact on the production, marketing, advertising, promotion, sale or
       distribution of the Licensed Products and Licensee shall furnish HUGO
       BOSS with such reports in respect thereof as HUGO BOSS may reasonably
       request from time to time.

12.6   Licensee acknowledges HUGO BOSS's intent to license the Trademarks for
       jewellery, as provided in Sec. 1.1 and Licensee will reasonably cooperate
       with any such jewellery licensee.

13.    Trademarks, Internet Domains and other Intellectual Property Rights

13.1   During the term of this Agreement, Licensee shall be entitled to use the
       Trademarks only as provided herein in connection with the Licensed
       Products, subject to the terms hereof, and for no other purpose. Upon
       termination of this Agreement for any reason, Licensee shall immediately
       discontinue all use of the Trademarks, except as otherwise provided
       herein or as otherwise agreed in writing by HUGO BOSS, and thereafter
       will not, either directly or indirectly, use any other name, title,
       expression, design or packaging so nearly

<PAGE>
                                       16

       resembling the Trademarks as would be likely to lead to any confusion or
       uncertainty or to deceive the public.

13.2   Licensee agrees that, to the extent such guidelines are not inconsistent
       with any of the provisions of this Agreement, it will fully comply with
       any and all guidelines notified to Licensee by HUGO BOSS regarding the
       utilisation of the Trademarks on or in connection with the distribution
       and sale of Licensed Products, including, without limitation, any
       corporate Identity Policies of HUGO BOSS on the use of the Trademarks.

13.3   The Trademarks and the Licensor Designs, whether or not registered by
       HUGO BOSS, are the sole property of HUGO BOSS. HUGO BOSS warrants that is
       has the full and exclusive right, power and authority to grant this
       exclusive license for the Trademarks and the Licensor Designs to Licensee
       and that neither this Agreement nor the grant of such license conflicts
       with or will result in a breach of the terms, conditions, provisions,
       representations, warranties or covenants contained in any other agreement
       to which Hugo Boss, or any of the Hugo Boss Group Companies, is a party,
       including, the Previous License Agreements (as defined in section 17.1).
       Licensee recognises the exclusive rights of HUGO BOSS with respect to the
       Trademarks and acknowledges that all rights of use of the Trademarks on
       or in connection with the Licensed Products by Licensee inure solely to
       the benefit of HUGO BOSS. The parties agree that any and all rights to
       the Trademarks that may arise from their use by the Licensee shall vest
       solely in HUGO BOSS. Licensee agrees that it shall take no action that
       might impair in any way HUGO BOSS' rights with respect to the Trademarks,
       including, without limitation, registering the Trademarks in its own
       name, or might damage HUGO BOSS' license relationships with third parties
       with respect to manufacture, distribution or otherwise.

       Licensee is aware that all Internet Domains relating to the trademarks
       are the sole property of HUGO BOSS AG, Dieselstrasse 12, D-72555
       Metzingen, Germany, and recognises the exclusive rights of HUGO BOSS AG
       of such Internet Domains. The parties agree that the provisions of this
       subsection 13.3. also apply, mutatis mutandis, to said Internet Domains.
       Licensee is further aware that HUGO BOSS is entitled to use such Internet
       Domains.

13.3.1 HUGO BOSS shall have the sole responsibility between the parties to
       maintain the Trademarks and the Licensor Designs, in particular, to pay
       all pertaining prolongation fees, initiate and conduct opposition
       proceedings against similar trademark or design applications, in any
       applicable country of the License Territory. HUGO BOSS shall do so on its
       own costs. Licensee agrees to provide any and all information to HUGO
       BOSS which may reasonably be required in such actions, e.g. invoices to
       prove use of any given Trademark. Licensee shall give immediate notice to
       HUGO BOSS of any application or registration of a sign, trade name,
       trademark, or product packaging or product design which

<PAGE>
                                       17

       comes to Licensee's attention and which appears to violate any of HUGO
       BOSS' rights with respect to the Trademarks or any packaging or product
       design.

13.3.2 Subject to this Sec. 13.3.2, HUGO BOSS shall further have the sole right
       as between the parties to defend the rights to the Trademarks and any
       other rights of HUGO BOSS in any applicable country of the License
       Territory against third party infringements of the Trademarks, e.g.
       counterfeits, use of the Trademarks, HUGO BOSS product or packaging
       design without authorization of HUGO BOSS, or of brand names or product
       or packaging design by third parties confusingly similar to the Licensed
       Products. Licensee agrees to provide any and all information to HUGO BOSS
       which may reasonably be required in such actions which HUGO BOSS in its
       sole discretion may initiate. In particular, but without limitation,
       Licensee shall provide prompt notice to HUGO BOSS of products which come
       to Licensee's attention and which infringe upon HUGO BOSS' rights,
       providing the names and addresses of the manufacturer, the supplier or
       seller, as the case may be, together with bills, receipts and other
       records, if any. Notwithstanding the foregoing, with respect only to
       products which are counterfeits of the Licensed Products, the parties
       will consult to determine appropriate action. If, following such
       consultation, the parties agree to bring any claim, complaint, proceeding
       or other action, then HUGO BOSS shall bring the claim, complaint,
       proceeding or other action in its name and the parties shall equally
       share all costs and all monetary recoveries, if any, including without
       limitation, judgments, settlements and any other awards, in connection
       therewith and the parties will reasonably co-operate in good faith with
       respect to each such action brought. If, following such consultation,
       only one party desires to pursue action, then such party shall have the
       right to pursue such action in its own name at its sole cost and shall be
       exclusively entitled to any and all damages and other amounts recovered
       or awarded in connection with any such action and the other party shall
       reasonably cooperate with the party pursuing such action at the latter's
       expense; provided however that notwithstanding the foregoing, in no event
       shall Licensee have the right to pursue any such action without the prior
       written consent of HUGO BOSS which HUGO BOSS shall not unreasonably
       withhold. Licensee shall give prompt notice to HUGO BOSS of any use of a
       sign, trade name, trademark, or product packaging or product design which
       comes to Licensee's attention and which appears to be an infringement
       upon or to violate any of HUGO BOSS' rights with respect to the
       Trademarks or any packaging or product design. Nothing set forth herein
       shall be construed as requiring HUGO BOSS to prosecute any infringements
       if in its own discretion it decides not to do so.

13.3.3 HUGO BOSS shall continue to take all reasonable and necessary actions to
       obtain trademark registrations in those countries of the License
       Territory, where such registrations for the Trademarks have been applied
       for but are not yet issued, as identified in Appendices 1 and 2 to this
       Agreement. In addition,in the event that HUGO BOSS determines that it is
       necessary to do so, HUGO BOSS shall take all reasonable and necessary
       actions to obtain additional

<PAGE>
                                       18

       registrations for the Trademarks in those countries identified in
       Appendix 1 where such registrations have not yet been applied for.
       However, HUGO BOSS is not liable for ensuring the successful registration
       of the Trademarks in these countries. HUGO BOSS shall keep Licensee
       informed as to the legal status of the Trademarks. HUGO BOSS shall not be
       liable for ensuring that the Trademarks are utilised in a manner which
       maintains their protection.

       Upon request by Licensee, HUGO BOSS shall take all reasonable and
       necessary actions to obtain trademark registrations of the Trademarks in
       other countries of the License Territory not named in Appendix 1 to this
       Agreement, provided that HUGO BOSS, accepts no liability for failure to
       successfully register such Trademarks in such countries.

       In the event that trademark registrations for the Trademarks cannot be
       obtained in a country where, according to this section 13.3.3, Hugo Boss
       is to seek such registrations, and such country is specifically mentioned
       in the Business Plan and the failure to obtain any such registrations has
       a material adverse affect on Licensee's ability to sell Licensed Products
       in such country, the Business Plan shall be adjusted proportionately to
       reflect the elimination of such country.

13.3.4 Licensee shall use its best efforts to assist and otherwise co-operate
       with HUGO BOSS in applying for and maintaining the registration and
       protection of the Trademarks, such efforts to include without limitation,
       executing any registered user or other agreement or document as may be
       appropriate, through the making of necessary declarations, delivery of
       necessary documents and by providing useful or appropriate information.
       HUGO BOSS shall reimburse Licensee for its out-of-pocket costs incurred
       therefore.

       Licensee shall supply to HUGO BOSS upon its reasonable request copies of
       invoices and other records of sales for each country where necessary or
       useful to establish proof of Trademark use in such countries on the
       Licensed Products. For this purpose, Licensee shall also regularly inform
       HUGO BOSS of the countries in which deliveries of the Licensed Products
       are expected in the then current year.

13.3.5 Licensee agrees that it will be listed as "Registered User" of the
       Trademarks for the Licensed Products to the extent possible and/or
       required under relevant local law. HUGO BOSS will reimburse Licensee for
       its costs incurred therefore.

13.3.6 Licensee agrees: (a) to use the Trademarks exclusively in the design
       format indicated by HUGO BOSS, and, to the extent not contrary to any of
       the provisions hereof, in conformity with the "Corporate Identity Policy"
       of HUGO BOSS, (b) to designate them with the markings prescribed by HUGO
       BOSS (such as "(R)" or "Marca registrada," "HUGO BOSS is the registered
       trademark of HUGO BOSS AG" or the like); provided that no such
       designation shall be

<PAGE>

                                       19

       required on the Licensed Products themselves, and (c) to the extent not
       contrary to any of the provisions hereof, to observe any and all other
       restrictions and conditions reasonably notified by HUGO BOSS to Licensee,
       including those which may arise from agreements between HUGO BOSS and any
       third party.

       Licensee shall not itself use the Trademarks in connection with
       sub-brands or accompanying brands of Licensee or otherwise in any way not
       explicitly permitted by this Agreement or HUGO BOSS. In particular, and
       without limiting the foregoing, designations such as "BOSS HUGO BOSS by
       ........." are prohibited. All references to the manufacturer and/or
       Licensee require the prior written approval of HUGO BOSS. Notwithstanding
       the foregoing, Licensee shall not be prohibited from using model names
       for individual collections of Licensed Products or from applying for
       trademark registrations for such model names, provided that Licensee
       shall be solely responsible for all costs associated therewith.

13.4   The parties acknowledge and agree that, as provided in section 6.5, HUGO
       BOSS is the owner of all rights to the Licensor Designs and of the
       designs of the promotional material. HUGO BOSS grants the Licensee for
       the duration of this Agreement the right of use of these designs for the
       purpose of this Agreement in the License Territory. Furthermore, except
       as otherwise provided in Article 18, the Licensee undertakes to no longer
       use the above-mentioned designs and promotional material after
       termination of this Agreement.

       Notwithstanding and without limiting the foregoing, Licensee shall
       provide to HUGO BOSS any and all instruments or documents necessary or
       useful to confirm HUGO BOSS' ownership of such copyright and design
       rights, including, without limitation, any assignments of rights that
       HUGO BOSS may reasonably request.

13.4.1 HUGO BOSS shall own all inventions made by Licensee or its employees,
       whether or not patentable, which are based in whole or in part on
       Confidential Information from HUGO BOSS as hereinafter defined in Sec.
       14. Licensee shall promptly notify HUGO BOSS of the making of each such
       invention and shall co-operate in securing to HUGO BOSS the benefits of
       each such invention throughout the world by executing assignments, patent
       applications and similar documents necessary for HUGO BOSS to perfect
       rights in the invention; provided that Hugo Boss reimburses Licensee all
       amounts incurred by Licensee in assigning such rights to Hugo Boss,
       including, without limitation, any and all amounts Licensee may be
       required to pay by law to the inventing employee.

13.5   Any and all intellectual property rights in display and sales promotional
       materials related to the Licensed Products shall be the property of HUGO
       BOSS. Licensee shall co-operate in securing to HUGO BOSS the benefits of
       any such rights throughout the world by executing assignments and similar
       documents necessary for HUGO BOSS to perfect its rights in such matters.

<PAGE>
                                       20

13.6   The provisions contained in this Section 13. shall not affect Sec. 18.

14.    Confidentiality

       The Parties agree to use all Confidential Information (as hereinafter
       defined) of the other party provided to it or obtained by it pursuant to
       this Agreement only in its capacity as contracting party to this
       Agreement and as contemplated in this Agreement. "Confidential
       Information" shall mean any and all technical data, knowledge or
       information, trade secrets or advice relating to the design development,
       manufacture, assembly, use, sale, and customer servicing of the Licensed
       Products and any and all information concerning the business of the other
       party. Either party acknowledges the other party's sole rights in the
       Confidential Information. Either party shall ensure that, without the
       prior written approval of the other party, no Confidential Information
       shall be used for any purpose other than as set forth herein or copied or
       disclosed to any third party during the term of this Agreement or after
       its termination.

       This confidentiality provision does not apply to information

       (i)    which was or comes into the public domain through no fault of the
              receiving party, or

       (ii)   which was obtained from a third party legally entitled to use and
              disclose such information, or

       (iii)  the disclosure of which is required by law, or

       (iv)   which was already in possession of the receiving Party before
              closing this Agreement and not otherwise subject to any
              confidentiality obligation as between the parties.

       Upon termination of this Agreement, either party shall either return to
       the other party, or at the request of the other party, destroy all
       Confidential Information in its possession.

15.    Other Products

15.1   Licensee will not manufacture or distribute watches under the brand names
       * ; provided that, nothing contained herein shall prohibit Licensee from
       acquiring any third party distributing either or both of those watch
       brands so long as such distribution ceases within twelve (12) months
       after the date of such acquisition.

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PUSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       21

16.    Liability Issues

16.1   Licensee shall be responsible for any and all defects in the Licensed
       Products and in no event shall HUGO BOSS be liable for any direct,
       indirect, special, incidental or consequential damages or any lost
       revenues or profits or any other damages arising with respect to the
       Licensed Products, whether based in contract, tort, breach of express or
       implied warranty, including without limitation, negligence or product
       liability.

16.2   If either party becomes aware of any law, or other rule, regulation or
       order having the force of law issued by any duly constituted authority
       having appropriate jurisdiction, in any country included within the
       Business Plan that would have the effect of making it impractical to sell
       or to continue selling Licensed Products in or into such country, the
       parties shall consult in good faith and attempt to agree on an
       appropriate adjustment to the Business Plan, including, without
       limitation, a proportionate reduction in target Net Sales.

16.3   Hugo Boss will indemnify, defend and hold harmless Licensee, each
       Licensee Affiliate, and their respective officers, directors, agents,
       employees, shareholders, legal representatives, successors, affiliates
       and assigns, from and against any and all claims, actions, suits,
       liabilities, damages and expenses (including reasonable attorneys' fees,
       costs and expenses) which Licensee or any Licensee Affiliate may incur or
       be obligated to pay in any action or claim (i) for infringement of any
       other person's claimed right to use a trademark or other intellectual
       property right (except claimed rights relating to the designs of the
       Licensed Products or to any intellectual property used by Licensee and
       not granted by HUGO BOSS hereunder) in the Territory, including such
       infringements as may be contained in any advertising placed by Hugo Boss,
       where such action or claim results from Licensee's proper use of the
       Trademarks or other rights (except rights related to the Licensor
       Designs) granted hereunder in the Territory, in accordance with the terms
       of this Agreement, or (ii) arising out of or in connection with the
       Previous License Agreements (as defined in section 17.1) or the
       termination of either or both of the Previous License Agreements, or the
       distribution, sale, marketing or advertising of the Prior Product (as
       defined in section 17.1). Licensee will give Hugo Boss timely written
       notice of any such claim or action, and thereupon Hugo Boss will
       undertake and conduct the defense of any suit so brought. HUGO BOSS
       further agrees that the provisions contained in this Section shall
       survive the termination or expiration of this Agreement.

16.4   Licensee agrees to indemnify, defend and save harmless HUGO BOSS and its
       officers, directors, agents, employees, shareholders, legal
       representatives, successors, affiliates and assigns, and each of them,
       from any and all claims, actions and suits and from and against any and
       all liabilities, judgements, losses, damages, costs, charges, reasonable
       attorneys' fees and other expenses of every nature and character incurred
       in any action between HUGO BOSS and any third party, relating to
       Licensee's business and/or with respect to the

<PAGE>
                                       22

       Licensed Products (including, without limitation, any breach by Licensee
       of this Agreement). Licensee further agrees that the provisions contained
       in this Section shall survive the termination or expiration of this
       Agreement. Licensee will maintain at all times during the term of the
       Agreement and for 5 (five) years thereafter and provide evidence thereof
       to HUGO BOSS from time to time upon its request, product liability
       insurance of a kind and in an amount reasonably satisfactory to HUGO BOSS
       naming HUGO BOSS as beneficiary as its interests shall appear.

17.    Transition from preceding agreement on Licensed Products

17.1   Licensee is aware that prior to the date of this Agreement, HUGO BOSS
       granted a license to use the Trademarks in connection with Licensed
       Products to Tempus Concept S.A. ("Tempus") and, following the bankruptcy
       of Tempus to Roventa-Henex S.A. ("Roventa") (the "Previous License
       Agreements"). Hugo Boss represents and warrants that the Previous License
       Agreement with Tempus has been properly terminated, and that neither
       Tempus, nor any party claiming under Tempus, nor any other third party,
       has any right and, after termination of the Previous License Agreement
       with Roventa, neither Roventa nor any party claiming under Roventa will
       have any right, to use the Trademarks in connection with the Licensed
       Products; except that Roventa has existing inventory of finished watches
       bearing the Trademarks ("Prior Product") which it has the right to sell.
       HUGO BOSS will use best efforts to terminate the Previous License
       Agreement with Roventa on or prior to March 15, 2005.

17.2   Hugo Boss shall purchase all Prior Product from Roventa as soon as
       practicable . Promptly after purchasing the Prior Product, Hugo Boss
       shall send Licensee a list describing all such Prior Product, giving
       quantities and identifying all such Prior Product by model number, and
       otherwise containing such additional information as Licensee may
       reasonably request. Licensee shall have the right to examine all such
       Prior Product upon prior notice to Hugo Boss at a mutually convenient
       time. Within thirty (30) days after receipt of the above described list,
       Licensee shall identify which styles and quantities of such products it
       elects to purchase from HUGO BOSS; provided, that in any event Licensee
       shall purchase those styles listed on Appendix 6 annexed hereto. Of those
       styles listed in Appendix 6, Licensee shall purchase at least such of the
       Prior Product as it reasonably deems necessary for establishing an
       initial inventory of Licensed Products and for purposes of performing its
       obligations under this Agreement for calendar year 2005 and in any event
       up to * based on average monthly sales for the prior two (2) years. Hugo
       Boss shall sell such Prior Product to Licensee at the price Hugo Boss
       paid to purchase such products, and, together therewith, shall use best
       efforts to provide Licensee with a corresponding number of boxes,
       warranty cards and operating manuals. Hugo Boss shall have the right to
       sell any Prior Products not purchased by Licensee until, but in no event
       after, June 30, 2006. All Prior Product remaining in Hugo Boss's
       possession after June

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PUSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       23

       30, 2006 either will be destroyed (in which event Hugo Boss will furnish
       to Licensee appropriate evidence of such destruction as Licensee may
       request) or will be sold by HUGO BOSS through its outlet stores.

17.3   Subject to the other provisions contained herein, the parties shall
       reasonably co-operate to manage all issues, including, without
       limitation, all communications issues, arising out of the termination of
       the Previous License Agreements, with the aim to appropriately and
       expeditiously dispose of the Prior Product while maintaining and
       developing the reputation and distribution of the Licensed Products.

18.    Contract Term and Termination

18.1   This Agreement enters into force on March 21, 2005, and shall continue in
       effect until December 31, 2013, unless sooner terminated as herein
       provided; except that if Licensee pays to HUGO BOSS license fees which
       are based on Net Sales * for the year 2011, the Agreement will be
       automatically extended for an additional period of five (5) years through
       December 31, 2018, unless either party gives notice of non-extension at
       any time during the period from March 1, 2012, to April 30, 2012. In case
       Licensee pays to HUGO BOSS license fees based on Net Sales * for the year
       2011, not later than 18 months before the final expiration of the
       Agreement the contracting parties shall enter into negotiations for the
       extension of the Agreement.

18.2   Either contracting party may terminate the Agreement if for two
       successive calendar years (beginning after calendar year 2005) only the
       minimum license fees are paid. In this case the notice period for
       termination is two months before the end of the half calendar year
       following the relevant time periods. For the avoidance of doubt, all
       payment obligations of Licensee under this Agreement shall continue
       during such half year period.

18.3   Further, the Agreement may be terminated by either party upon a notice
       period of three months prior to June 30 and December 31 of a particular
       year where there are material changes in the ownership composition of the
       other party, i.e. a change of fifty (50) % or more of the voting
       ownership rights. The right of termination must be exercised within three
       months after receiving the information about the material change in
       ownership composition.

       Notwithstanding the foregoing, Hugo Boss shall not have any such right of
       termination where the new owner of Licensee is either

       (i)    a financial investor, or

       (ii)   a strategic investor experienced in the design, manufacture,
              marketing and sale of high end watches or fashion products,
              However, in the

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       24

       event that the entity owning either * brand acquires fifty percent (50%)
       or more of Licensee or of any entity controlling Licensee, the following
       shall apply: If the agreed Business Plan will not be met for the calendar
       year in which such change of ownership of Licensee has taken place, HUGO
       BOSS can terminate the Agreement with six (6) months notice.

       Licensee shall not have any such right of termination where the new owner
       of HUGO BOSS is either

       (i)    a financial investor, or

       (ii)   a strategic investor experienced in the design, manufacture,
              marketing and sale of high end fashion products.

       After a warning letter with a period of maximum 6 (six) months for
       fulfilling its obligations of the Business Plan and any further action
       plans as referred to in Sec. 11, HUGO BOSS may also terminate the
       Agreement upon a notice period of three months prior to June 30 and
       December 31 of a particular year, if Licensee fails to fulfil its
       above-mentioned obligations.

18.4   The right to terminate for cause remains unaffected. Such cause also
       exists,

       (a)    if the other contracting party becomes insolvent,

       (b)    if settlement or bankruptcy proceedings are commenced with respect
              to the estate of the other party,

       (c)    if - insofar as not otherwise indicated in this Agreement - the
              other party fails to fulfill within 30 (thirty) days a contractual
              obligation or one undertaken in order to fulfil this Agreement
              despite prior written notice, or fails to desist from conduct that
              is in violation of the Agreement within this period,

       (d)    if the other party is in breach of a material obligation hereunder
              and fails to remedy such breach (if it reasonably can be remedied)
              within ten (10) days after receipt of notice thereof from the
              party not in breach, or,

       (e)    without prior written notice, if the other party has repeatedly
              breached the same obligation hereunder within any twelve (12)
              month period.

       (f)    if by reason of the other party's behaviour, continued compliance
              with contractual obligations would be considered intolerable by a
              reasonable party .

18.5   HUGO BOSS may also terminate the Agreement with a notice period of ten
       (10) days for cause if Licensee falls more than three months into arrears
       in paying the license fees. If Licensee considerably damages the
       reputation of the Trademarks by a negligent act or omission, HUGO BOSS
       may likewise terminate the Agreement without notice.

18.6   Terminations and notices under this provision must be communicated by
       registered mail or personal delivery.

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>
                                       25

19.    Consequences of Termination of the Agreement

19.1   The termination of this Agreement according to one of the above
       provisions does not release either party from any of its obligations
       under this Agreement that arise or come due, as the case may be, after
       the termination of this Agreement or that by their express terms survive
       termination. Upon the justified termination for cause as defined in Sec.
       18.4 by HUGO BOSS, all outstanding license and Advertising Fees will
       become immediately due and payable.

       Further rights of indemnity etc. will not be affected by extraordinary
       notice of termination, regardless of whether such rights are founded upon
       the Agreement or in law. The regular or extraordinary notice of
       termination and termination as such does not in itself give rise to any
       sort of damages or compensation claims.

19.2   On the date of termination or expiration of this Agreement, except as
       otherwise provided herein, all rights of the Licensee to use the
       designations "BOSS" and/or "BOSS HUGO BOSS" and/or any other trademark
       belonging to HUGO BOSS shall end and the Licensee shall also cease making
       any reference to HUGO BOSS and/or its Trademarks and any reference to
       previous activity/co-operation for/with HUGO BOSS as Licensee of HUGO
       BOSS, and will also be responsible therefore on behalf of its
       subcontractors. Further, the Licensee shall, no later than as of the date
       of termination of the Agreement, extinguish all "Registered User"
       registrations at its own cost or - upon the request and at the cost of
       HUGO BOSS - transfer them, to the extent legally possible, to third
       persons designated by HUGO BOSS.

19.3   Notwithstanding anything to the contrary contained in this Agreement,
       HUGO BOSS has the right to purchase from Licensee, completely or in part,
       Licensed Products on hand with the Licensee in finished form or still in
       production, insofar as they have been manufactured according to designs
       approved by HUGO BOSS pursuant to Section 6.3, at the Licensee's book
       value evaluated by a third party to be nominated by both parties; if the
       parties cannot agree on the appropriate person within 30 days, such
       person shall be appointed by the President of the Industrie- und
       Handelskammer Stuttgart. To exercise such right, Hugo Boss shall give
       Licensee written notice of the Licensed Products Hugo Boss intends to
       purchase no later than thirty (30) days prior to the effective
       termination date.

       Licensee shall be permitted to distribute all its remaining Licensed
       Products not purchased by Hugo Boss for up to twelve months after the
       termination of the Agreement upon the previously customary conditions and
       through the previously utilised or similar channels of distribution;
       provided however that the quantity of Licensed Products Licensee shall be
       permitted to sell during such twelve month period may not exceed one
       hundred twenty percent (120%) of the units sold by Licensee in the
       immediately preceding year, and provided

<PAGE>

                                       26

       further that any quantity in excess thereof either will be destroyed (in
       which event Licensee shall furnish to HUGO BOSS appropriate evidence of
       such destruction as HUGO BOSS may request) or may be sold by Licensee for
       an additional period not exceeding six (6) months through its outlet
       stores. After the aforementioned six(6) month period, Licensee shall
       destroy all remaining inventory and shall furnish HUGO BOSS appropriate
       evidence of such destruction. The Licensee shall account for these sales
       and pay the computed license fees to HUGO BOSS no later than within eight
       months after the termination of the Agreement.

19.4   In addition to its rights under Section 19.3, in case Licensee has still
       remaining inventory after the twelve month distribution period HUGO BOSS
       shall also have the right of election:

       a)     to purchase the remaining inventory, completely or in part on
              terms to be mutually agreed upon,

       b)     or to request the transfer of the remaining inventory to a third
              party designated by HUGO BOSS on terms to be mutually agreed upon.
              These sales will not be subject to the payment of license fees.

19.5   In order to enable HUGO BOSS to exercise its right of election of Sec.
       19.3 and 19.4, the Licensee shall promptly inform HUGO BOSS as to the
       existing inventory of Licensed Products, broken down by article number
       including colour variants. Upon receipt of the information about the
       inventory, HUGO BOSS shall decide within four weeks the manner in which
       its right of election will be exercised.

20.    Miscellaneous

20.1   Licensee may not assign, delegate to third parties or sublicense rights
       or duties under this Agreement or assign the Agreement as a whole,
       without the express prior written consent of HUGO BOSS. This does not
       apply to an assignment, delegation, or sublicense to any Licensee
       Affiliate (provided that notwithstanding any such assignment, delegation
       or sublicense, MGI Luxury Group S.A. shall remain liable for performance
       of Licensee's obligations hereunder) or to any change in control
       otherwise permitted under section 18.3. Licensee shall notify HUGO BOSS
       any such assignment. HUGO BOSS shall not assign any rights or delegate
       any duties to any party other than an affiliate.

20.2   This Agreement constitutes the entire agreement between the parties and
       supersedes all prior agreements and understandings, oral or written,
       between the parties hereto with respect to the subject matter hereof.

       This Agreement may be modified, amended or supplemented (including this
       clause) only by the mutual written agreement of the parties hereto.

<PAGE>
                                       27

20.3   This Agreement is made and shall be construed in all respects in
       accordance with the laws of the Federal Republic of Germany, without
       regard to its conflicts of law principles. The parties irrevocably agree
       that all disputes related to this Agreement shall be brought exclusively
       before the courts of Stuttgart, provided, that HUGO BOSS may, but is not
       obliged to, seek relief in any court located in the place of Licensee's
       principal place of business.

20.4   In the event any of the provisions of this Agreement are held to be
       unenforceable or invalid by any court of competent jurisdiction, unless
       the unenforceability or invalidity thereof causes a substantial departure
       from the underlying intent and sense of the remainder of this Agreement,
       the validity and enforceability of the remaining provisions shall not be
       affected thereby, except those remaining provisions of which the
       unenforceable or invalidated provisions comprise an integral part of or
       from which they are otherwise clearly inseparable. In the event any
       provision is held unenforceable or invalid, the parties shall use their
       best efforts to agree upon an enforceable and valid provision which shall
       be a reasonable substitute for such unenforceable or invalid provision in
       light of the purpose of this Agreement, and, upon so agreeing, shall
       incorporate such substitute provision in the Agreement. The same applies
       if omissions in the Agreement become apparent. The relevant provision,
       which is unenforceable or missing, is then to be replaced by a valid
       provision corresponding to the meaning and purpose of this Agreement.

20.5   The instant Agreement is executed in duplicate. Appendices 1 - 6 to this
       Agreement constitute a part of this Agreement.

       Appendix 1:  Trademarks (Exclusive License)(Sec. 1.1)

       Appendix 2:  Trade name (non-exclusive license) (Sec. 1.1)

       Appendix 3:  Quality directives (Sec. 7)

       Appendix 4:  Business Plan (Sec. 11)

       Appendix 5:  Reporting format (Sec. 12)

       Appendix 6:  Prior Product Styles (Sec.17.2)

20.6   No delay or omission by either of the parties hereto in exercising any
       right or remedy provided for herein shall constitute a waiver of such
       right or remedy, nor shall it be construed as a bar to or a waiver of any
       such right or remedy on any future occasion. No waiver by either party of
       any provision of this Agreement, or of any breach of default shall be
       effective unless in writing and signed by the party against whom such
       waiver is to be enforced.

20.7   Nothing contained herein shall be deemed to place the parties in the
       relationship of employer-employee, partners, joint venturers, or either
       as agent of the other. Licensee shall not represent itself as the
       employee, partner, agent or legal representative of HUGO BOSS for any
       purpose

<PAGE>
                                       28

       whatsoever and shall have no right to create or to assume any obligation
       of any kind, express or implied, for or on behalf of HUGO BOSS; provided,
       however, that Licensee may describe itself as the exclusive licensee of
       the Licensed Products in the License Territory.

20.8   Notwithstanding the provisions in Sec. 20.3 above, HUGO BOSS may enforce
       its rights under Sec. 13 and 14 and Licensee may enforce its rights under
       Sec. 14, in any court having competent jurisdiction.

20.9   The English language version of this Agreement shall be the definitive
       version and any issues that may arise in connection with this Agreement
       or its interpretation shall be resolved by reference only to that
       version.

20.10  Any notice to be given pursuant to this Agreement shall be written in
       English and shall be deemed duly given when sent by reputable overnight
       international courier including FedEx, UPS or DHL to the respective
       address first set forth above or by facsimile to the respective facsimile
       number set forth below confirmed by letter as aforesaid, or to such other
       address and/or facsimile number as a party hereto may designate by like
       notice.

       To Licensee: Fax:  ( 41 ) 32  329 34 01
       Attn: General Manager - Hugo Boss Watches
       Copy to: Fax: (201) 267 8050
       Attn:  Brand Manager - Hugo Boss Watches

       To HUGO BOSS: Fax: (49) 7123 94 2018
       Attn: Head of Legal Department
       Copy to: Fax: (49) 7123 94 2086
       Attn: Head of Licensing Department

20.11  The obligations of either party hereunder, except for the obligations of
       Licensee to pay license fees, Advertising Fees and other amounts to be
       paid to HUGO BOSS hereunder, shall be excused for a period equal to the
       time by which such performance is prevented or delayed as a result of
       strikes, labor

disputes, acts of God, or any other causes beyond the reasonable control of the
party obligated to perform.

<PAGE>
                                       29

Metzingen,......................2004

              ......................, ..................2004

HUGO BOSS

By: /s/ Wolfgang Merte
    --------------------------
Name: Wolfgang Merte
      ------------------------
Title: Managing Director
       -----------------------

MGI LUXURY GROUP S.A.

By: /s/ Kurt Burki
    -------------------------

Name: Kurt Burki
      -----------------------

Title: Chairman
       ----------------------

By: /s/ Rick Cote
    -------------------------

Name: Rick Cote
      -----------------------

Title: Director
       ----------------------
<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country          Trademark   Trademark No.     Status
------------------    ---------   -------------   ----------
<S>                   <C>         <C>             <C>
Benelux                  BHB          702475      registered
Bosnia-Herzegovina       BHB          702475      registered
Belarus                  BHB          702475      registered
Ukraine                  BHB          702475      registered
Great Britain            BHB          702475      registered
Kazakhstan               BHB          702475      registered
Yugoslavia               BHB          702475      registered
Austria                  BHB          702475      registered
Denmark                  BHB          702475      registered
Finland                  BHB          702475      registered
Moldavia                 BHB          702475      registered
China                    BHB          702475      registered
Portugal                 BHB          702475      registered
Sweden                   BHB          702475      registered
Armenia                  BHB          702475      registered
Slovenia                 BHB          702475      registered
Albania                  BHB          702475      registered
Switzerland              BHB          702475      registered
Italy                    BHB          702475      registered
Algeria                  BHB          702475      registered
Hungary                  BHB          702475      registered
France                   BHB          702475      registered
Sudan                    BHB          702475      registered
Monaco                   BHB          702475      registered
Liechtenstein            BHB          702475      registered
Norway                   BHB          702475      registered
Morocco                  BHB          702475      registered
Germany                  BHB         39760304     registered
San Marino               BHB          702475      registered
Latvia                   BHB          702475      registered
Macedonia                BHB          702475      registered
Poland                   BHB          702475      registered
Croatia                  BHB          702475      registered
Egypt                    BHB          702475      registered
Iceland                  BHB          702475      registered
Liberia                  BHB          702475      registered
Azerbaidzan              BHB          702475      registered
Cuba                     BHB          702475      registered
Mongolia                 BHB          702475      registered
Peru                     BOSS         39436       registered
Denmark                  BOSS         773035      registered
Algeria                  BOSS         773035      registered
Algeria                  BOSS         483341      registered
Australia                BOSS        A461875      registered
Bosnia-Herzegovina       BOSS         773035      registered
Uruguay                  BOSS         352211      registered
Israel                   BOSS         68301       registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country          Trademark   Trademark No.     Status
-------------------   ---------   -------------   ----------
<S>                   <C>         <C>             <C>
Slovakia                BOSS          483341      registered
Antigua and Barbuda     BOSS          773035      registered
Kyrgystan               BOSS          773035      registered
Bulgaria                BOSS          773035      registered
Iceland                 BOSS          773035      registered
Bosnia-Herzegovina      BOSS          483341      registered
Moldavia                BOSS          483341      registered
Turkey                  BOSS          773035      registered
Yugoslavia              BOSS          515189      registered
Canada                  BOSS          526466      registered
Albania                 BOSS          483341      registered
Lithuania               BOSS          773035      registered
Ukraine                 BOSS          483341      registered
Lithuania               BOSS           8430       registered
Yugoslavia              BOSS          773035      registered
Poland                  BOSS          66417       registered
Switzerland             BOSS          483341      registered
Thailand                BOSS          108400      registered
Hungary                 BOSS          515189      registered
Belarus                 BOSS          515189      registered
Kazakhstan              BOSS          483341      registered
Singapore               BOSS         5002/87      registered
Moldavia                BOSS          515189      registered
France                  BOSS         1414947      registered
Ukraine                 BOSS          515189      registered
Estonia                 BOSS          773035      registered
Spain                   BOSS          773035      registered
Hungary                 BOSS          483341      registered
Belarus                 BOSS          483341      registered
Czech Republic          BOSS          773035      registered
Slovenia                BOSS        200071890     registered
Vietnam                 BOSS          773035      registered
Egypt                   BOSS          515189      registered
Austria                 BOSS          483341      registered
Morocco                 BOSS          773035      registered
Kenya                   BOSS          773035      registered
Switzerland             BOSS          515189      registered
Sweden                  BOSS          225178      registered
Austria                 BOSS          773035      registered
Switzerland             BOSS          773035      registered
Liechtenstein           BOSS          483341      registered
Finland                 BOSS          773035      registered
Korea South             BOSS          502360      registered
Rumania                 BOSS          515189      registered
Italy                   BOSS          773035      registered
Portugal                BOSS          515189      registered
Lesotho                 BOSS          773035      registered
</TABLE>

<PAGE>

Appendix 1              Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
      Country         Trademark   Trademark No.     Status
--------------------  ---------   -------------   ----------
<S>                   <C>         <C>             <C>
Benelux                 BOSS         515189       registered
Slovenia                BOSS         483341       registered
Slovakia                BOSS         773035       registered
Rumania                 BOSS         483341       registered
Macedonia               BOSS         515189       registered
Taiwan                  BOSS         419774       registered
Japan                   BOSS         773035       registered
Austria                 BOSS         515189       registered
Sudan                   BOSS         515189       registered
Morocco                 BOSS         515189       registered
Cuba                    BOSS         773035       registered
South Africa            BOSS        B87/3241      registered
Antilles                BOSS          00674       registered
Slovakia                BOSS         515189       registered
Italy                   BOSS         515189       registered
Korea North             BOSS         483341       registered
Tadzhikistan            BOSS         483341       registered
Kyrgystan               BOSS         483341       registered
Kyrgystan               BOSS         515189       registered
Australia               BOSS         773035       registered
United Arab Emirates    BOSS          31074       registered
Haiti                   BOSS         D-1658       registered
Moldavia                BOSS         773035       registered
Swaziland               BOSS         773035       registered
Macedonia               BOSS         483341       registered
Liberia                 BOSS         773035       registered
Honduras                BOSS         81.128       registered
Hungary                 BOSS         773035       registered
Bhutan                  BOSS         773035       registered
Vietnam                 BOSS         483341       registered
Azerbaidzan             BOSS         773035       registered
Canada                  BOSS         416215       registered
Rumania                 BOSS         773035       registered
France                  BOSS         515189       registered
France                  BOSS         483341       registered
Nicaragua               BOSS          49535       registered
USA                     BOSS        1,472,180     registered
San Marino              BOSS         515189       registered
Germany                 BOSS         515189       registered
Croatia                 BOSS         773035       registered
Japan                   BOSS         2190696      registered
Singapore               BOSS         773035       registered
Portugal                BOSS         483341       registered
Armenia                 BOSS         773035       registered
Great Britain           BOSS         773035       registered
Georgia                 BOSS          4102        registered
Monaco                  BOSS         483341       registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
      Country         Trademark   Trademark No.     Status
--------------------  ---------   -------------   ----------
<S>                   <C>         <C>             <C>
China                    BOSS         773035      registered
Algeria                  BOSS         515189      registered
Georgia                  BOSS         773035      registered
Poland                   BOSS         773035      registered
Mozambique               BOSS         773035      registered
Egypt                    BOSS         773035      registered
Benelux                  BOSS         773035      registered
Japan                    BOSS        2191582      registered
Bosnia-Herzegovina       BOSS         515189      registered
Kazakhstan               BOSS         515189      registered
Greece                   BOSS         78113       registered
Ireland                  BOSS         132382      registered
Kuwait                   BOSS         19654       registered
Germany                  BOSS        1056140      registered
Croatia                  BOSS         515189      registered
Macao                    BOSS          1702       registered
Greece                   BOSS         773035      registered
New Zealand              BOSS         169997      registered
Benelux                  BOSS         483341      registered
Monaco                   BOSS         773035      registered
Korea North              BOSS         515189      registered
Italy                    BOSS         483341      registered
Slovenia                 BOSS         515189      registered
Morocco                  BOSS         483341      registered
Portugal                 BOSS         773035      registered
Czech Republic           BOSS         483341      registered
Bulgaria                 BOSS         515189      registered
Mongolia                 BOSS         773035      registered
San Marino               BOSS         773035      registered
Uzbekistan               BOSS         483341      registered
Myanmar                  BOSS      4/1186/1998    registered
Ukraine                  BOSS         773035      registered
Belarus                  BOSS         773035      registered
Norway                   BOSS         135716      registered
Monaco                   BOSS         515189      registered
France                   BOSS         773035      registered
Kazakhstan               BOSS         773035      registered
Czech Republic           BOSS         515189      registered
Australia                BOSS         647105      registered
Liechtenstein            BOSS         773035      registered
Tunisia                  BOSS         515189      registered
Sweden                   BOSS         773035      registered
Liechtenstein            BOSS         515189      registered
Mongolia                 BOSS         515189      registered
Slovenia                 BOSS         773035      registered
Cyprus Greek             BOSS         49637       registered
Uzbekistan               BOSS         515189      registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country                 Trademark       Trademark No.     Status
--------------------  --------------------   -------------   ----------
<S>                   <C>                    <C>             <C>
Russia                          BOSS             773035      registered
Vietnam                         BOSS             515189      registered
Tadzhikistan                    BOSS             515189      registered
Spain                           BOSS             515189      registered
Tadzhikistan                    BOSS             773035      registered
Turkmenistan                    BOSS             773035      registered
Yugoslavia                      BOSS             483341      registered
Russia                          BOSS             483341      registered
Macedonia                       BOSS             773035      registered
Jamaica                         BOSS             B38806      registered
Latvia                          BOSS             773035      registered
Armenia                         BOSS             483341      registered
Turkey                          BOSS             99252       registered
Croatia                         BOSS             483341      registered
Brazil                          BOSS           813467110     registered
Chile                           BOSS             514562      registered
Finland                         BOSS             125852      registered
Latvia                          BOSS             M16755      registered
Germany                         BOSS            1110284      registered
Brazil                          BOSS           813467101     registered
Denmark                         BOSS          02.049/1995    registered
Albania                         BOSS             773035      registered
Great Britain                   BOSS            1298751      registered
Sierra Leone                    BOSS             773035      registered
Uzbekistan                      BOSS             773035      registered
Norway                          BOSS             773035      registered
Egypt                           BOSS             483341      registered
San Marino                      BOSS             483341      registered
Myanmar                  BOSS HUGO BOSS       4/1184/1998    registered
Greece                   BOSS HUGO BOSS          106590      registered
Lebanon                  BOSS HUGO BOSS          61884       registered
Mexico                   BOSS HUGO BOSS          502193      registered
USA                      BOSS HUGO BOSS        1,531,899     registered
San Marino            BOSS HUGO BOSS LABEL       754225      registered
Tadzhikistan          BOSS HUGO BOSS LABEL       754225      registered
Vietnam               BOSS HUGO BOSS LABEL       606620      registered
Sweden                BOSS HUGO BOSS LABEL       754225      registered
Ecuador               BOSS HUGO BOSS LABEL      4056-94      registered
Switzerland           BOSS HUGO BOSS LABEL       516345      registered
Mongolia              BOSS HUGO BOSS LABEL       516345      registered
Spain                 BOSS HUGO BOSS LABEL       754225      registered
Finland               BOSS HUGO BOSS LABEL       754225      registered
Albania               BOSS HUGO BOSS LABEL       606620      registered
Kazakhstan            BOSS HUGO BOSS LABEL       516345      registered
Slovakia              BOSS HUGO BOSS LABEL       754225      registered
Hungary               BOSS HUGO BOSS LABEL       606620      registered
Iran                  BOSS HUGO BOSS LABEL       100166      registered
</TABLE>
<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country                   Trademark            Trademark No.       Status
------------------        --------------------      -------------     ----------
<S>                       <C>                       <C>               <C>
France                    BOSS HUGO BOSS LABEL          606620        registered
San Marino                BOSS HUGO BOSS LABEL          606620        registered
Sudan                     BOSS HUGO BOSS LABEL          516345        registered
Germany                   BOSS HUGO BOSS LABEL         2036450        registered
Croatia                   BOSS HUGO BOSS LABEL          516345        registered
Cuba                      BOSS HUGO BOSS LABEL          754225        registered
Poland                    BOSS HUGO BOSS LABEL          606620        registered
Australia                 BOSS HUGO BOSS LABEL          754225        registered
Macedonia                 BOSS HUGO BOSS LABEL          754225        registered
Moldavia                  BOSS HUGO BOSS LABEL          516345        registered
Dominican Republic        BOSS HUGO BOSS LABEL          73784         registered
Togo                      BOSS HUGO BOSS LABEL          32910         registered
Vietnam                   BOSS HUGO BOSS LABEL          754225        registered
Korea South               BOSS HUGO BOSS LABEL          319338        registered
Kazakhstan                BOSS HUGO BOSS LABEL          606620        registered
Croatia                   BOSS HUGO BOSS LABEL          754225        registered
Mexico                    BOSS HUGO BOSS LABEL          422852        registered
Monaco                    BOSS HUGO BOSS LABEL          754225        registered
Mexico                    BOSS HUGO BOSS LABEL          422851        registered
Tadzhikistan              BOSS HUGO BOSS LABEL          516345        registered
Barbados                  BOSS HUGO BOSS LABEL         81/11740       registered
Rumania                   BOSS HUGO BOSS LABEL          606620        registered
Gaza                      BOSS HUGO BOSS LABEL           7417         registered
Kyrgystan                 BOSS HUGO BOSS LABEL          754225        registered
Vietnam                   BOSS HUGO BOSS LABEL          516345        registered
Belarus                   BOSS HUGO BOSS LABEL          606620        registered
Egypt                     BOSS HUGO BOSS LABEL          516345        registered
Slovakia                  BOSS HUGO BOSS LABEL          516345        registered
Thailand                  BOSS HUGO BOSS LABEL          66840         registered
Burkina Faso              BOSS HUGO BOSS LABEL          32910         registered
Italy                     BOSS HUGO BOSS LABEL          754225        registered
Japan                     BOSS HUGO BOSS LABEL          754225        registered
Austria                   BOSS HUGO BOSS LABEL          754225        registered
Congo                     BOSS HUGO BOSS LABEL          32910         registered
Iceland                   BOSS HUGO BOSS LABEL         236/1993       registered
Uzbekistan                BOSS HUGO BOSS LABEL          754225        registered
Cyprus Greek              BOSS HUGO BOSS LABEL          39326         registered
Lithuania                 BOSS HUGO BOSS LABEL          754225        registered
Benelux                   BOSS HUGO BOSS LABEL          606620        registered
Liechtenstein             BOSS HUGO BOSS LABEL          754225        registered
Costa Rica                BOSS HUGO BOSS LABEL          88091         registered
Russia                    BOSS HUGO BOSS LABEL          247287        registered
Finland                   BOSS HUGO BOSS LABEL          134230        registered
Rumania                   BOSS HUGO BOSS LABEL          754225        registered
Bulgaria                  BOSS HUGO BOSS LABEL          606620        registered
Cuba                      BOSS HUGO BOSS LABEL          606620        registered
Macao                     BOSS HUGO BOSS LABEL          13018         registered
Czech Republic            BOSS HUGO BOSS LABEL          754225        registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
        Country                  Trademark          Trademark No.       Status
------------------------    --------------------    -------------     ----------
<S>                         <C>                     <C>               <C>
Bhutan                      BOSS HUGO BOSS LABEL        754225        registered
Andorra                     BOSS HUGO BOSS LABEL         8958         registered
Korea North                 BOSS HUGO BOSS LABEL        606620        registered
Turkey                      BOSS HUGO BOSS LABEL        754225        registered
Mongolia                    BOSS HUGO BOSS LABEL        606620        registered
Macedonia                   BOSS HUGO BOSS LABEL        606620        registered
Jamaica                     BOSS HUGO BOSS LABEL        B39835        registered
Bosnia-Herzegovina          BOSS HUGO BOSS LABEL        516345        registered
Germany                     BOSS HUGO BOSS LABEL       1108880        registered
China                       BOSS HUGO BOSS LABEL        550975        registered
Germany                     BOSS HUGO BOSS LABEL       1185466        registered
Albania                     BOSS HUGO BOSS LABEL        754225        registered
Greece                      BOSS HUGO BOSS LABEL        754225        registered
Ivory Coast                 BOSS HUGO BOSS LABEL        32910         registered
France                      BOSS HUGO BOSS LABEL        754225        registered
Portugal                    BOSS HUGO BOSS LABEL        754225        registered
Macedonia                   BOSS HUGO BOSS LABEL        516345        registered
Spain                       BOSS HUGO BOSS LABEL        606620        registered
Great Britain               BOSS HUGO BOSS LABEL        754225        registered
Portugal                    BOSS HUGO BOSS LABEL        516345        registered
Guatemala                   BOSS HUGO BOSS LABEL        77108         registered
Liechtenstein               BOSS HUGO BOSS LABEL        516345        registered
Kazakhstan                  BOSS HUGO BOSS LABEL        754225        registered
Poland                      BOSS HUGO BOSS LABEL        754225        registered
Bahrain                     BOSS HUGO BOSS LABEL        16962         registered
Hungary                     BOSS HUGO BOSS LABEL        516345        registered
Croatia                     BOSS HUGO BOSS LABEL        606620        registered
Ghana                       BOSS HUGO BOSS LABEL        31828         registered
Antigua and Barbuda         BOSS HUGO BOSS LABEL        754225        registered
Peru                        BOSS HUGO BOSS LABEL        13715         registered
Chile                       BOSS HUGO BOSS LABEL        646494        registered
China                       BOSS HUGO BOSS LABEL        754225        registered
China                       BOSS HUGO BOSS LABEL        606620        registered
Russia                      BOSS HUGO BOSS LABEL        754225        registered
Czech Republic              BOSS HUGO BOSS LABEL        516345        registered
Ukraine                     BOSS HUGO BOSS LABEL        754225        registered
Italy                       BOSS HUGO BOSS LABEL        606620        registered
Algeria                     BOSS HUGO BOSS LABEL        606620        registered
Colombia                    BOSS HUGO BOSS LABEL        159326        registered
Equatorial Guinea           BOSS HUGO BOSS LABEL        32910         registered
Spain                       BOSS HUGO BOSS LABEL        516345        registered
Singapore                   BOSS HUGO BOSS LABEL        754225        registered
Chile                       BOSS HUGO BOSS LABEL        392343        registered
Austria                     BOSS HUGO BOSS LABEL        606620        registered
Central African Republic    BOSS HUGO BOSS LABEL        32910         registered
Liechtenstein               BOSS HUGO BOSS LABEL        606620        registered
Yugoslavia                  BOSS HUGO BOSS LABEL        606620        registered
Cuba                        BOSS HUGO BOSS LABEL        550975        registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
       Country                  Trademark           Trademark No.       Status
--------------------      --------------------      -------------     ----------
<S>                       <C>                       <C>               <C>
Jordan                    BOSS HUGO BOSS LABEL          33480         registered
Iceland                   BOSS HUGO BOSS LABEL         754225         registered
Rumania                   BOSS HUGO BOSS LABEL         516345         registered
Saudi Arabia              BOSS HUGO BOSS LABEL         638/23         registered
Yugoslavia                BOSS HUGO BOSS LABEL         516345         registered
Moldavia                  BOSS HUGO BOSS LABEL         754225         registered
Hong Kong                 BOSS HUGO BOSS LABEL        01161/2000      registered
Lesotho                   BOSS HUGO BOSS LABEL         754225         registered
United Arab Emirates      BOSS HUGO BOSS LABEL          23105         registered
Italy                     BOSS HUGO BOSS LABEL         516345         registered
Benelux                   BOSS HUGO BOSS LABEL         516345         registered
Gabon                     BOSS HUGO BOSS LABEL          32910         registered
Slovenia                  BOSS HUGO BOSS LABEL         606620         registered
Latvia                    BOSS HUGO BOSS LABEL         M16783         registered
Korea North               BOSS HUGO BOSS LABEL         516345         registered
Uruguay                   BOSS HUGO BOSS LABEL         351727         registered
Sierra Leone              BOSS HUGO BOSS LABEL         754225         registered
Uzbekistan                BOSS HUGO BOSS LABEL         516345         registered
Sweden                    BOSS HUGO BOSS LABEL         319458         registered
Chile                     BOSS HUGO BOSS LABEL         646495         registered
Turkmenistan              BOSS HUGO BOSS LABEL         754225         registered
Norway                    BOSS HUGO BOSS LABEL         754225         registered
Monaco                    BOSS HUGO BOSS LABEL         606620         registered
Austria                   BOSS HUGO BOSS LABEL         516345         registered
Azerbaidzan               BOSS HUGO BOSS LABEL         754225         registered
France                    BOSS HUGO BOSS LABEL        92425453        registered
Denmark                   BOSS HUGO BOSS LABEL       03.620/1996      registered
Antilles                  BOSS HUGO BOSS LABEL          00673         registered
Morocco                   BOSS HUGO BOSS LABEL         754225         registered
Bulgaria                  BOSS HUGO BOSS LABEL         516345         registered
Czech Republic            BOSS HUGO BOSS LABEL         606620         registered
San Marino                BOSS HUGO BOSS LABEL         516345         registered
Brazil                    BOSS HUGO BOSS LABEL        813467152       registered
Lithuania                 BOSS HUGO BOSS LABEL          8947          registered
Mongolia                  BOSS HUGO BOSS LABEL         754225         registered
Slovenia                  BOSS HUGO BOSS LABEL         754225         registered
Benelux                   BOSS HUGO BOSS LABEL         754225         registered
France                    BOSS HUGO BOSS LABEL         516345         registered
Switzerland               BOSS HUGO BOSS LABEL         606620         registered
Morocco                   BOSS HUGO BOSS LABEL         606620         registered
Hungary                   BOSS HUGO BOSS LABEL         754225         registered
Norway                    BOSS HUGO BOSS LABEL         166036         registered
Slovakia                  BOSS HUGO BOSS LABEL         606620         registered
Liberia                   BOSS HUGO BOSS LABEL         754225         registered
Bolivia                   BOSS HUGO BOSS LABEL          59321         registered
Malta                     BOSS HUGO BOSS LABEL          22725         registered
Mali                      BOSS HUGO BOSS LABEL          32910         registered
Chad                      BOSS HUGO BOSS LABEL          32910         registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
      Country                   Trademark           Trademark No.       Status
-------------------       --------------------      -------------     ----------
<S>                       <C>                       <C>               <C>
Algeria                   BOSS HUGO BOSS LABEL         516345         registered
Egypt                     BOSS HUGO BOSS LABEL         754225         registered
Denmark                   BOSS HUGO BOSS LABEL         754225         registered
Trinidad and Tobago       BOSS HUGO BOSS LABEL          31244         registered
Estonia                   BOSS HUGO BOSS LABEL         754225         registered
Kyrgystan                 BOSS HUGO BOSS LABEL         516345         registered
Indonesia                 BOSS HUGO BOSS LABEL         330827         registered
Bahamas                   BOSS HUGO BOSS LABEL          16180         registered
France                    BOSS HUGO BOSS LABEL        92425454        registered
Panama                    BOSS HUGO BOSS LABEL          70279         registered
Georgia                   BOSS HUGO BOSS LABEL           832          registered
Poland                    BOSS HUGO BOSS LABEL         584899         registered
Yugoslavia                BOSS HUGO BOSS LABEL         754225         registered
Philippines               BOSS HUGO BOSS LABEL          63703         registered
Mexico                    BOSS HUGO BOSS LABEL         422853         registered
Bermuda                   BOSS HUGO BOSS LABEL          25579         registered
Morocco                   BOSS HUGO BOSS LABEL         516345         registered
Switzerland               BOSS HUGO BOSS LABEL         754225         registered
Monaco                    BOSS HUGO BOSS LABEL         516345         registered
Swaziland                 BOSS HUGO BOSS LABEL         754225         registered
Armenia                   BOSS HUGO BOSS LABEL         754225         registered
Ukraine                   BOSS HUGO BOSS LABEL         516345         registered
Sudan                     BOSS HUGO BOSS LABEL         606620         registered
Brazil                    BOSS HUGO BOSS LABEL        813467160       registered
Yemen                     BOSS HUGO BOSS LABEL          14049         registered
Georgia                   BOSS HUGO BOSS LABEL         754225         registered
Paraguay                  BOSS HUGO BOSS LABEL         270171         registered
Bulgaria                  BOSS HUGO BOSS LABEL         754225         registered
Venezuela                 BOSS HUGO BOSS LABEL         P232339        registered
Latvia                    BOSS HUGO BOSS LABEL         754225         registered
Mauretania                BOSS HUGO BOSS LABEL          32910         registered
Ukraine                   BOSS HUGO BOSS LABEL         606620         registered
Kenya                     BOSS HUGO BOSS LABEL         754225         registered
Surinam                   BOSS HUGO BOSS LABEL          13799         registered
Belarus                   BOSS HUGO BOSS LABEL         754225         registered
Slovenia                  BOSS HUGO BOSS LABEL         516345         registered
Bosnia-Herzegovina        BOSS HUGO BOSS LABEL         754225         registered
Cameroon                  BOSS HUGO BOSS LABEL          32910         registered
Algeria                   BOSS HUGO BOSS LABEL         754225         registered
Portugal                  BOSS HUGO BOSS LABEL         606620         registered
Senegal                   BOSS HUGO BOSS LABEL          32910         registered
Mozambique                BOSS HUGO BOSS LABEL         754225         registered
Tunisia                   BOSS HUGO BOSS LABEL         516345         registered
Canada                    BOSS HUGO BOSS LABEL         502586         registered
Niger                     BOSS HUGO BOSS LABEL          32910         registered
Argentina                 BOSS HUGO BOSS LABEL         1587386        registered
Guinea-Bissau             BOSS HUGO BOSS LABEL          32910         registered
Benin                     BOSS HUGO BOSS LABEL          32910         registered
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
   Country                   Trademark              Trademark No.       Status
-------------       --------------------------      -------------     ----------
<S>                 <C>                             <C>               <C>
Guinea                BOSS HUGO BOSS LABEL              32910         registered
Portugal            BOSS HUGO BOSS white/black        002860377       registered
Great Britain       BOSS HUGO BOSS white/black        002860377       registered
Mexico              BOSS HUGO BOSS white/black          775800        registered
Belgium             BOSS HUGO BOSS white/black        002860377       registered
China               BOSS HUGO BOSS white/black          785514        registered
Greece              BOSS HUGO BOSS white/black        002860377       registered
Denmark             BOSS HUGO BOSS white/black        002860377       registered
Spain               BOSS HUGO BOSS white/black        002860377       registered
Luxembourg          BOSS HUGO BOSS white/black        002860377       registered
Ireland             BOSS HUGO BOSS white/black        002860377       registered
Germany             BOSS HUGO BOSS white/black        002860377       registered
Italy               BOSS HUGO BOSS white/black        002860377       registered
Taiwan              BOSS HUGO BOSS white/black         1063553        registered
Netherlands         BOSS HUGO BOSS white/black        002860377       registered
Finland             BOSS HUGO BOSS white/black        002860377       registered
Austria             BOSS HUGO BOSS white/black        002860377       registered
Germany             BOSS HUGO BOSS white/black         30205552       registered
France              BOSS HUGO BOSS white/black        002860377       registered
Sweden              BOSS HUGO BOSS white/black        002860377       registered
Turkey              BOSS HUGO BOSS white/black          785514        registered
Ukraine             BOSS HUGO BOSS white/black          785514        registered
Slovenia            BOSS HUGO BOSS white/black          785514        registered
Japan               BOSS HUGO BOSS white/black          785514        registered
Russia              BOSS HUGO BOSS white/black          785514        registered
Spain                         HUGO                    000049270       registered
Italy                         HUGO                    000049270       registered
Germany                       HUGO                     2036129        registered
Bulgaria                      HUGO                      604808        registered
Egypt                         HUGO                      604808        registered
Cuba                          HUGO                      604808        registered
China                         HUGO                      604808        registered
Kazakhstan                    HUGO                      604808        registered
Slovakia                      HUGO                      604808        registered
Sweden                        HUGO                      604808        registered
Finland                       HUGO                    000049270       registered
Sudan                         HUGO                      604808        registered
Mexico                        HUGO                      571494        registered
Great Britain                 HUGO                    000049270       registered
Belgium                       HUGO                    000049270       registered
Rumania                       HUGO                      604808        registered
Greece                        HUGO                    000049270       registered
Morocco                       HUGO                      604808        registered
Benelux                       HUGO                      604808        registered
Croatia                       HUGO                      604808        registered
Switzerland                   HUGO                      604808        registered
Sweden                        HUGO                    000049270       registered
</TABLE>
<PAGE>

Appendix 1                  Registerations and Applications
                                     - Exclusive -
                                 International Class 14

<TABLE>
<CAPTION>
   Country                               Trademark                 Trademark No.       Status
--------------                     --------------------            -------------     ----------
<S>                                <C>                             <C>               <C>
Finland                                    HUGO                       604808         registered
Algeria                                    HUGO                       604808         registered
France                                     HUGO                       604808         registered
Portugal                                   HUGO                       604808         registered
Russia                                     HUGO                       604808         registered
Netherlands                                HUGO                     000049270        registered
Great Britain                              HUGO                       604808         registered
Vietnam                                    HUGO                       604808         registered
Germany                                    HUGO                     000049270        registered
Canada                                     HUGO                       548123         registered
Korea North                                HUGO                       604808         registered
Slovenia                                   HUGO                       604808         registered
Greece                                     HUGO                       123272         registered
Australia                                  HUGO                       706184         registered
Portugal                                   HUGO                     000049270        registered
Ukraine                                    HUGO                       604808         registered
Italy                                      HUGO                       604808         registered
Mongolia                                   HUGO                       604808         registered
Hungary                                    HUGO                       604808         registered
Austria                                    HUGO                       604808         registered
Spain                                      HUGO                       604808         registered
Denmark                                    HUGO                       604808         registered
Liechtenstein                              HUGO                       604808         registered
Belarus                                    HUGO                       604808         registered
Czech Republic                             HUGO                       604808         registered
Austria                                    HUGO                     000049270        registered
San Marino                                 HUGO                       604808         registered
Denmark                                    HUGO                     000049270        registered
Poland                                     HUGO                       604808         registered
Monaco                                     HUGO                       604808         registered
Ireland                                    HUGO                     000049270        registered
Yugoslavia                                 HUGO                       604808         registered
Luxembourg                                 HUGO                     000049270        registered
France                                     HUGO                     000049270        registered
Italy                                      HUGO                       793762         registered
Japan                                      hugo                      2534878         registered
Greece                                HUGO HUGO BOSS                  114503         registered
Denmark                               HUGO HUGO BOSS                200001318        registered
Myanmar                               HUGO HUGO BOSS               4/1185/1998       registered
Uruguay                               HUGO HUGO BOSS                  264545         registered
Rumania                            HUGO HUGO BOSS LABEL               771889         registered
Korea North                        HUGO HUGO BOSS LABEL               604811         registered
Albania                            HUGO HUGO BOSS LABEL               604811         registered
Belarus                            HUGO HUGO BOSS LABEL               771889         registered
Liberia                            HUGO HUGO BOSS LABEL               771889         registered
Singapore                          HUGO HUGO BOSS LABEL               771889         registered
Benelux                            HUGO HUGO BOSS LABEL               771889         registered
</TABLE>

<PAGE>

Appendix 1                  Registerations and Applications
                                    - Exclusive -
                                 International Class 14

<TABLE>
<CAPTION>
        Country                         Trademark                  Trademark No.       Status
------------------------           --------------------            -------------     ----------
<S>                                <C>                             <C>               <C>
Morocco                            HUGO HUGO BOSS LABEL                604811        registered
Hungary                            HUGO HUGO BOSS LABEL                771889        registered
Switzerland                        HUGO HUGO BOSS LABEL                604811        registered
Hungary                            HUGO HUGO BOSS LABEL                604811        registered
Czech Republic                     HUGO HUGO BOSS LABEL                604811        registered
Canada                             HUGO HUGO BOSS LABEL                495668        registered
Sweden                             HUGO HUGO BOSS LABEL                771889        registered
Bulgaria                           HUGO HUGO BOSS LABEL                771889        registered
Bosnia-Herzegovina                 HUGO HUGO BOSS LABEL                771889        registered
San Marino                         HUGO HUGO BOSS LABEL                771889        registered
Bulgaria                           HUGO HUGO BOSS LABEL                604811        registered
Uzbekistan                         HUGO HUGO BOSS LABEL                771889        registered
Spain                              HUGO HUGO BOSS LABEL                771889        registered
Chad                               HUGO HUGO BOSS LABEL                 32911        registered
France                             HUGO HUGO BOSS LABEL                771889        registered
Uzbekistan                         HUGO HUGO BOSS LABEL                604811        registered
Swaziland                          HUGO HUGO BOSS LABEL                771889        registered
Andorra                            HUGO HUGO BOSS LABEL                 8868         registered
China                              HUGO HUGO BOSS LABEL                604811        registered
Turkey                             HUGO HUGO BOSS LABEL                145393        registered
Central African Republic           HUGO HUGO BOSS LABEL                 32911        registered
Ukraine                            HUGO HUGO BOSS LABEL                771889        registered
Georgia                            HUGO HUGO BOSS LABEL                771889        registered
Tadzhikistan                       HUGO HUGO BOSS LABEL                771889        registered
Congo                              HUGO HUGO BOSS LABEL                 32911        registered
Norway                             HUGO HUGO BOSS LABEL                166037        registered
Liechtenstein                      HUGO HUGO BOSS LABEL                771889        registered
Cameroon                           HUGO HUGO BOSS LABEL                 32911        registered
Rumania                            HUGO HUGO BOSS LABEL                604811        registered
Monaco                             HUGO HUGO BOSS LABEL                604811        registered
Latvia                             HUGO HUGO BOSS LABEL                771889        registered
Norway                             HUGO HUGO BOSS LABEL                771889        registered
Egypt                              HUGO HUGO BOSS LABEL                604811        registered
Czech Republic                     HUGO HUGO BOSS LABEL                771889        registered
USA                                HUGO HUGO BOSS LABEL               1,865,732      registered
Australia                          HUGO HUGO BOSS LABEL                771889        registered
Guinea-Bissau                      HUGO HUGO BOSS LABEL                 32911        registered
Antigua and Barbuda                HUGO HUGO BOSS LABEL                771889        registered
Slovakia                           HUGO HUGO BOSS LABEL                771889        registered
Kazakhstan                         HUGO HUGO BOSS LABEL                771889        registered
China                              HUGO HUGO BOSS LABEL                771889        registered
Egypt                              HUGO HUGO BOSS LABEL                771889        registered
Greece                             HUGO HUGO BOSS LABEL                771889        registered
Mauretania                         HUGO HUGO BOSS LABEL                 32911        registered
Hong Kong                          HUGO HUGO BOSS LABEL              06100/2003      registered
Togo                               HUGO HUGO BOSS LABEL                 32911        registered
Denmark                            HUGO HUGO BOSS LABEL                771889        registered
</TABLE>

<PAGE>

Appendix 1                  Registerations and Applications
                                     - Exclusive -
                                 International Class 14

<TABLE>
<CAPTION>
   Country                               Trademark                 Trademark No.       Status
-------------                      --------------------            -------------     ----------
<S>                                <C>                             <C>               <C>
Cuba                               HUGO HUGO BOSS LABEL               604811         registered
Sudan                              HUGO HUGO BOSS LABEL               604811         registered
Morocco                            HUGO HUGO BOSS LABEL               771889         registered
San Marino                         HUGO HUGO BOSS LABEL               604811         registered
Ivory Coast                        HUGO HUGO BOSS LABEL                32911         registered
Chile                              HUGO HUGO BOSS LABEL               689450         registered
Italy                              HUGO HUGO BOSS LABEL               771889         registered
Cuba                               HUGO HUGO BOSS LABEL               771889         registered
Vietnam                            HUGO HUGO BOSS LABEL               771889         registered
Slovakia                           HUGO HUGO BOSS LABEL               604811         registered
Estonia                            HUGO HUGO BOSS LABEL               771889         registered
Poland                             HUGO HUGO BOSS LABEL               771889         registered
Albania                            HUGO HUGO BOSS LABEL               771889         registered
Armenia                            HUGO HUGO BOSS LABEL               771889         registered
Germany                            HUGO HUGO BOSS LABEL               2037591        registered
Lithuania                          HUGO HUGO BOSS LABEL               771889         registered
Yugoslavia                         HUGO HUGO BOSS LABEL               771889         registered
Lesotho                            HUGO HUGO BOSS LABEL               771889         registered
Switzerland                        HUGO HUGO BOSS LABEL               771889         registered
Austria                            HUGO HUGO BOSS LABEL               771889         registered
Portugal                           HUGO HUGO BOSS LABEL               771889         registered
Portugal                           HUGO HUGO BOSS LABEL               604811         registered
Moldavia                           HUGO HUGO BOSS LABEL               771889         registered
Turkmenistan                       HUGO HUGO BOSS LABEL               771889         registered
Benelux                            HUGO HUGO BOSS LABEL               604811         registered
Sweden                             HUGO HUGO BOSS LABEL               319460         registered
Mozambique                         HUGO HUGO BOSS LABEL               771889         registered
Monaco                             HUGO HUGO BOSS LABEL               771889         registered
Austria                            HUGO HUGO BOSS LABEL               604811         registered
Mali                               HUGO HUGO BOSS LABEL                32911         registered
Kenya                              HUGO HUGO BOSS LABEL               771889         registered
Ukraine                            HUGO HUGO BOSS LABEL               604811         registered
Poland                             HUGO HUGO BOSS LABEL               604811         registered
Azerbaidzan                        HUGO HUGO BOSS LABEL               771889         registered
Senegal                            HUGO HUGO BOSS LABEL                32911         registered
Liechtenstein                      HUGO HUGO BOSS LABEL               604811         registered
Burkina Faso                       HUGO HUGO BOSS LABEL                32911         registered
Macedonia                          HUGO HUGO BOSS LABEL               771889         registered
Finland                            HUGO HUGO BOSS LABEL               771889         registered
Mongolia                           HUGO HUGO BOSS LABEL               604811         registered
Iceland                            HUGO HUGO BOSS LABEL               771889         registered
Finland                            HUGO HUGO BOSS LABEL               134723         registered
Slovenia                           HUGO HUGO BOSS LABEL               771889         registered
Croatia                            HUGO HUGO BOSS LABEL               771889         registered
Niger                              HUGO HUGO BOSS LABEL                32911         registered
France                             HUGO HUGO BOSS LABEL               604811         registered
Turkey                             HUGO HUGO BOSS LABEL               771889         registered
Bhutan                             HUGO HUGO BOSS LABEL               771889         registered
</TABLE>

<PAGE>

Appendix 1                  Registerations and Applications
                                    - Exclusive -
                                 International Class 14

<TABLE>
<CAPTION>
    Country                               Trademark                Trademark No.       Status
-----------------              ------------------------------      -------------     ----------
<S>                            <C>                                 <C>               <C>
Gabon                              HUGO HUGO BOSS LABEL                32911         registered
Japan                              HUGO HUGO BOSS LABEL               771889         registered
Croatia                            HUGO HUGO BOSS LABEL               604811         registered
Taiwan                             HUGO HUGO BOSS LABEL               1037502        registered
Russia                             HUGO HUGO BOSS LABEL               771889         registered
Kyrgystan                          HUGO HUGO BOSS LABEL               771889         registered
Great Britain                      HUGO HUGO BOSS LABEL               771889         registered
Thailand                           HUGO HUGO BOSS LABEL               174346         registered
Yugoslavia                         HUGO HUGO BOSS LABEL               604811         registered
Spain                              HUGO HUGO BOSS LABEL               604811         registered
Algeria                            HUGO HUGO BOSS LABEL               771889         registered
Sierra Leone                       HUGO HUGO BOSS LABEL               771889         registered
Algeria                            HUGO HUGO BOSS LABEL               604811         registered
Kazakhstan                         HUGO HUGO BOSS LABEL               604811         registered
Belarus                            HUGO HUGO BOSS LABEL               604811         registered
Slovenia                           HUGO HUGO BOSS LABEL               604811         registered
Italy                              HUGO HUGO BOSS LABEL               604811         registered
Mongolia                           HUGO HUGO BOSS LABEL               771889         registered
Vietnam                            HUGO HUGO BOSS LABEL               604811         registered
Malta                              HUGO HUGO BOSS LABEL                37407         registered
Benin                              HUGO HUGO BOSS LABEL                32911         registered
Equatorial Guinea                  HUGO HUGO BOSS LABEL                32911         registered
Guinea                             HUGO HUGO BOSS LABEL                32911         registered
Italy                          HUGO HUGO BOSS LABEL black/red         720624         registered
Liberia                        HUGO HUGO BOSS LABEL black/red         720624         registered
Sweden                         HUGO HUGO BOSS LABEL black/red         720624         registered
Albania                        HUGO HUGO BOSS LABEL black/red         720624         registered
Belarus                        HUGO HUGO BOSS LABEL black/red         720624         registered
Macedonia                      HUGO HUGO BOSS LABEL black/red         720624         registered
Algeria                        HUGO HUGO BOSS LABEL black/red         720624         registered
Morocco                        HUGO HUGO BOSS LABEL black/red         720624         registered
Liechtenstein                  HUGO HUGO BOSS LABEL black/red         720624         registered
Azerbaidzan                    HUGO HUGO BOSS LABEL black/red         720624         registered
France                         HUGO HUGO BOSS LABEL black/red         720624         registered
Benelux                        HUGO HUGO BOSS LABEL black/red         720624         registered
Kyrgystan                      HUGO HUGO BOSS LABEL black/red         720624         registered
Yugoslavia                     HUGO HUGO BOSS LABEL black/red         720624         registered
Hungary                        HUGO HUGO BOSS LABEL black/red         720624         registered
Slovakia                       HUGO HUGO BOSS LABEL black/red         720624         registered
Tadzhikistan                   HUGO HUGO BOSS LABEL black/red         720624         registered
Norway                         HUGO HUGO BOSS LABEL black/red         720624         registered
Russia                         HUGO HUGO BOSS LABEL black/red         720624         registered
Great Britain                  HUGO HUGO BOSS LABEL black/red         720624         registered
San Marino                     HUGO HUGO BOSS LABEL black/red         720624         registered
Moldavia                       HUGO HUGO BOSS LABEL black/red         720624         registered
Estonia                        HUGO HUGO BOSS LABEL black/red         720624         registered
Egypt                          HUGO HUGO BOSS LABEL black/red         720624         registered
Uzbekistan                     HUGO HUGO BOSS LABEL black/red         720624         registered
</TABLE>
<PAGE>

Appendix 1                Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country                              Trademark                Trademark No.       Status
------------------             ------------------------------      -------------     ----------
<S>                            <C>                                 <C>               <C>
Monaco                         HUGO HUGO BOSS LABEL black/red         720624         registered
Mongolia                       HUGO HUGO BOSS LABEL black/red         720624         registered
Armenia                        HUGO HUGO BOSS LABEL black/red         720624         registered
Finland                        HUGO HUGO BOSS LABEL black/red         720624         registered
Austria                        HUGO HUGO BOSS LABEL black/red         720624         registered
Cuba                           HUGO HUGO BOSS LABEL black/red         720624         registered
Latvia                         HUGO HUGO BOSS LABEL black/red         720624         registered
Bulgaria                       HUGO HUGO BOSS LABEL black/red         720624         registered
Germany                        HUGO HUGO BOSS LABEL black/red        39870759        registered
Sudan                          HUGO HUGO BOSS LABEL black/red         720624         registered
Croatia                        HUGO HUGO BOSS LABEL black/red         720624         registered
Poland                         HUGO HUGO BOSS LABEL black/red         720624         registered
Switzerland                    HUGO HUGO BOSS LABEL black/red         720624         registered
Iceland                        HUGO HUGO BOSS LABEL black/red         720624         registered
Vietnam                        HUGO HUGO BOSS LABEL black/red         720624         registered
Korea North                    HUGO HUGO BOSS LABEL black/red         720624         registered
Portugal                       HUGO HUGO BOSS LABEL black/red         720624         registered
Czech Republic                 HUGO HUGO BOSS LABEL black/red         720624         registered
China                          HUGO HUGO BOSS LABEL black/red         720624         registered
Ukraine                        HUGO HUGO BOSS LABEL black/red         720624         registered
Kazakhstan                     HUGO HUGO BOSS LABEL black/red         720624         registered
Georgia                        HUGO HUGO BOSS LABEL black/red         720624         registered
Slovenia                       HUGO HUGO BOSS LABEL black/red         720624         registered
Spain                          HUGO HUGO BOSS LABEL black/red         720624         registered
Bosnia-Herzegovina             HUGO HUGO BOSS LABEL black/red         720624         registered
Rumania                        HUGO HUGO BOSS LABEL black/red         720624         registered
Denmark                        HUGO HUGO BOSS LABEL black/red         720624         registered
Greece                         HUGO HUGO BOSS LABEL black/red         140794         registered
Tadzhikistan                         HUGO LABEL black/red             720615         registered
Yugoslavia                           HUGO LABEL black/red             720615         registered
Bosnia-Herzegovina                   HUGO LABEL black/red             720615         registered
Benelux                              HUGO LABEL black/red             720615         registered
Mongolia                             HUGO LABEL black/red             720615         registered
Austria                              HUGO LABEL black/red             720615         registered
Sweden                               HUGO LABEL black/red             720615         registered
Moldavia                             HUGO LABEL black/red             720615         registered
Denmark                              HUGO LABEL black/red             720615         registered
Morocco                              HUGO LABEL black/red             720615         registered
Slovakia                             HUGO LABEL black/red             720615         registered
France                               HUGO LABEL black/red             720615         registered
Liechtenstein                        HUGO LABEL black/red             720615         registered
Poland                               HUGO LABEL black/red             720615         registered
Korea North                          HUGO LABEL black/red             720615         registered
Albania                              HUGO LABEL black/red             720615         registered
Switzerland                          HUGO LABEL black/red             720615         registered
Kazakhstan                           HUGO LABEL black/red             720615         registered
Ukraine                              HUGO LABEL black/red             720615         registered
Great Britain                        HUGO LABEL black/red             720615         registered
</TABLE>

<PAGE>

Appendix 1                Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country                             Trademark                 Trademark No.      Status
------------------                  --------------------           -------------    -----------
<S>                                 <C>                            <C>              <C>
Algeria                             HUGO LABEL black/red              720615         registered
Norway                              HUGO LABEL black/red              720615         registered
Azerbaidzan                         HUGO LABEL black/red              720615         registered
Rumania                             HUGO LABEL black/red              720615         registered
San Marino                          HUGO LABEL black/red              720615         registered
Cuba                                HUGO LABEL black/red              720615         registered
Monaco                              HUGO LABEL black/red              720615         registered
Georgia                             HUGO LABEL black/red              720615         registered
Bulgaria                            HUGO LABEL black/red              720615         registered
Kyrgystan                           HUGO LABEL black/red              720615         registered
Armenia                             HUGO LABEL black/red              720615         registered
Egypt                               HUGO LABEL black/red              720615         registered
Vietnam                             HUGO LABEL black/red              720615         registered
China                               HUGO LABEL black/red              720615         registered
Latvia                              HUGO LABEL black/red              720615         registered
Italy                               HUGO LABEL black/red              720615         registered
Macedonia                           HUGO LABEL black/red              720615         registered
Russia                              HUGO LABEL black/red              720615         registered
Czech Republic                      HUGO LABEL black/red              720615         registered
Finland                             HUGO LABEL black/red              720615         registered
Hungary                             HUGO LABEL black/red              720615         registered
Germany                             HUGO LABEL black/red             39870758        registered
Liberia                             HUGO LABEL black/red              720615         registered
Iceland                             HUGO LABEL black/red              720615         registered
Belarus                             HUGO LABEL black/red              720615         registered
Portugal                            HUGO LABEL black/red              720615         registered
Uzbekistan                          HUGO LABEL black/red              720615         registered
Slovenia                            HUGO LABEL black/red              720615         registered
Sudan                               HUGO LABEL black/red              720615         registered
Estonia                             HUGO LABEL black/red              720615         registered
Croatia                             HUGO LABEL black/red              720615         registered
Spain                               HUGO LABEL black/red              720615         registered
Canada                              HUGO LABEL black/red              548122         registered

Sweden                                      BOSS                    000049221       applied for
Portugal                                    BOSS                    000049221       applied for
Greece                                      BOSS                    000049221       applied for
France                                      BOSS                    000049221       applied for
Finland                                     BOSS                    000049221       applied for
India                                       BOSS                      944967        applied for
Pakistan                                    BOSS                      166062        applied for
Denmark                                     BOSS                    000049221       applied for
Ireland                                     BOSS                    000049221       applied for
USA                                         BOSS                     323,654        applied for
Great Britain                               BOSS                    000049221       applied for
Belgium                                     BOSS                    000049221       applied for
Trinidad and Tobago                         BOSS                      31245         applied for
Slovenia                                    BOSS                   Z-200270103      applied for
</TABLE>

<PAGE>

Appendix 1               Registerations and Applications
                                  - Exclusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country                             Trademark                 Trademark No.       Status
------------------               --------------------------       --------------     -----------
<S>                              <C>                              <C>                <C>
Spain                                       BOSS                     000049221       applied for
Netherlands                                 BOSS                     000049221       applied for
Austria                                     BOSS                     000049221       applied for
Germany                                     BOSS                     000049221       applied for
Luxembourg                                  BOSS                     000049221       applied for
Italy                                       BOSS                     000049221       applied for
Indonesia                                   BOSS                  2003-8204-2344     applied for
Tunisia                                     BOSS                     EE03.1471       applied for
Iraq                                        BOSS                       45089         applied for
Indonesia                             BOSS HUGO BOSS                 D98-14717       applied for
India                                 BOSS HUGO BOSS                  942292         applied for
Netherlands                        BOSS HUGO BOSS LABEL              000049262       applied for
France                             BOSS HUGO BOSS LABEL              000049262       applied for
Italy                              BOSS HUGO BOSS LABEL              000049262       applied for
Belgium                            BOSS HUGO BOSS LABEL              000049262       applied for
Oman                               BOSS HUGO BOSS LABEL                23787         applied for
Portugal                           BOSS HUGO BOSS LABEL              000049262       applied for
Great Britain                      BOSS HUGO BOSS LABEL              000049262       applied for
Germany                            BOSS HUGO BOSS LABEL              000049262       applied for
Luxembourg                         BOSS HUGO BOSS LABEL              000049262       applied for
China                              BOSS HUGO BOSS LABEL             9700113822       applied for
Sweden                             BOSS HUGO BOSS LABEL              000049262       applied for
Greece                             BOSS HUGO BOSS LABEL              000049262       applied for
Indonesia                          BOSS HUGO BOSS LABEL              D98-14718       applied for
Malaysia                           BOSS HUGO BOSS LABEL              93/09121        applied for
Pakistan                           BOSS HUGO BOSS LABEL               166059         applied for
Denmark                            BOSS HUGO BOSS LABEL              000049262       applied for
Namibia                            BOSS HUGO BOSS LABEL               02/0661        applied for
Finland                            BOSS HUGO BOSS LABEL              000049262       applied for
Qatar                              BOSS HUGO BOSS LABEL            not known yet     applied for
Austria                            BOSS HUGO BOSS LABEL              000049262       applied for
Kenya                              BOSS HUGO BOSS LABEL                51091         applied for
Estonia                            BOSS HUGO BOSS LABEL             M200001857       applied for
Ireland                            BOSS HUGO BOSS LABEL              000049262       applied for
Spain                              BOSS HUGO BOSS LABEL              000049262       applied for
Hong Kong                          BOSS HUGO BOSS LABEL             17951/2002       applied for
Tunisia                            BOSS HUGO BOSS LABEL              EE03.1469       applied for
Iraq                               BOSS HUGO BOSS LABEL                44192         applied for
Brazil                           BOSS HUGO BOSS white/black          824840100       applied for
Canada                           BOSS HUGO BOSS white/black           1148025        applied for
USA                              BOSS HUGO BOSS white/black           435,640        applied for
Finland                               HUGO HUGO BOSS                 000049288       applied for
Italy                                 HUGO HUGO BOSS                 000049288       applied for
Portugal                              HUGO HUGO BOSS                 000049288       applied for
Ireland                               HUGO HUGO BOSS                 000049288       applied for
Germany                               HUGO HUGO BOSS                 000049288       applied for
Netherlands                           HUGO HUGO BOSS                 000049288       applied for
Great Britain                         HUGO HUGO BOSS                 000049288       applied for
</TABLE>
<PAGE>

Appendix 1                 Registerations and Applications
                                   - Exclusive -
                              International Class 14

<TABLE>
<CAPTION>
  Country             Trademark            Trademark No.       Status
------------     --------------------      -------------    -----------
<S>              <C>                       <C>              <C>
Spain               HUGO HUGO BOSS           000049288      applied for
Denmark             HUGO HUGO BOSS           000049288      applied for
France              HUGO HUGO BOSS           000049288      applied for
Belgium             HUGO HUGO BOSS           000049288      applied for
Luxembourg          HUGO HUGO BOSS           000049288      applied for
Greece              HUGO HUGO BOSS           000049288      applied for
Sweden              HUGO HUGO BOSS           000049288      applied for
Austria             HUGO HUGO BOSS           000049288      applied for
China            HUGO HUGO BOSS LABEL       9700113816      applied for
Cyprus Greek     HUGO HUGO BOSS LABEL      not known yet    applied for
Japan            HUGO HUGO BOSS LABEL       2002-97276      applied for
</TABLE>

<PAGE>

Appendix 2                Registrations and Applications
                                - Non-excklusive -
                             International Class 14

<TABLE>
<CAPTION>
   Country                         Trademark                     Trademark No.         Status
--------------                     ---------                     -------------       ----------
<S>                                <C>                           <C>                 <C>
Georgia                            HUGO BOSS                          831            registered
Czech Republic                     HUGO BOSS                        482758           registered
Turkey                             HUGO BOSS                         99522           registered
Korea North                        HUGO BOSS                        513257           registered
Ireland                            HUGO BOSS                        132377           registered
Switzerland                        HUGO BOSS                        482758           registered
Moldavia                           HUGO BOSS                        482758           registered
Poland                             HUGO BOSS                         66418           registered
Italy                              HUGO BOSS                        513257           registered
Kyrgystan                          HUGO BOSS                        482758           registered
Tadzhikistan                       HUGO BOSS                        513257           registered
Liechtenstein                      HUGO BOSS                        513257           registered
Canada                             HUGO BOSS                        455614           registered
Uzbekistan                         HUGO BOSS                        513257           registered
Egypt                              HUGO BOSS                        513257           registered
Great Britain                      HUGO BOSS                        1298755          registered
Kazakhstan                         HUGO BOSS                        513257           registered
Monaco                             HUGO BOSS                        513257           registered
Liechtenstein                      HUGO BOSS                        482758           registered
Belarus                            HUGO BOSS                        482758           registered
Tadzhikistan                       HUGO BOSS                        482758           registered
Monaco                             HUGO BOSS                        482758           registered
Austria                            HUGO BOSS                        482758           registered
Kyrgystan                          HUGO BOSS                        513257           registered
Spain                              HUGO BOSS                        482758           registered
Portugal                           HUGO BOSS                        513257           registered
Denmark                            HUGO BOSS                      02.905/1990        registered
France                             HUGO BOSS                        482758           registered
Morocco                            HUGO BOSS                        513257           registered
Denmark                            HUGO BOSS                      03.428/1991        registered
Armenia                            HUGO BOSS                        482758           registered
Vietnam                            HUGO BOSS                        513257           registered
Australia                          HUGO BOSS                        A461881          registered
Finland                            HUGO BOSS                        125853           registered
Hungary                            HUGO BOSS                        513257           registered
Norway                             HUGO BOSS                        136013           registered
Ukraine                            HUGO BOSS                        513257           registered
Switzerland                        HUGO BOSS                        513257           registered
Chile                              HUGO BOSS                        514563           registered
</TABLE>

<PAGE>

Appendix 2                Registrations and Applications
                                - Non-excklusive -
                             International Class 14

<TABLE>
<CAPTION>
     Country                       Trademark                    Trademark No.         Status
------------------                 ---------                    -------------        ----------
<S>                                <C>                          <C>                  <C>
Singapore                          HUGO BOSS                       5007/87           registered
Israel                             HUGO BOSS                        68296            registered
Latvia                             HUGO BOSS                       M16782            registered
Belarus                            HUGO BOSS                       513257            registered
Czech Republic                     HUGO BOSS                       513257            registered
USA                                HUGO BOSS                       513257            registered
Morocco                            HUGO BOSS                       482758            registered
Slovakia                           HUGO BOSS                       513257            registered
Kuwait                             HUGO BOSS                        19657            registered
Tunisia                            HUGO BOSS                       513257            registered
Kazakhstan                         HUGO BOSS                       482758            registered
Macedonia                          HUGO BOSS                       513257            registered
Myanmar                            HUGO BOSS                     4/1183/1998         registered
Croatia                            HUGO BOSS                       482758            registered
Japan                              HUGO BOSS                       2227521           registered
Uruguay                            HUGO BOSS                       351755            registered
Sudan                              HUGO BOSS                       513257            registered
South Africa                       HUGO BOSS                       87/3236           registered
Australia                          HUGO BOSS                       647111            registered
Algeria                            HUGO BOSS                       513257            registered
Croatia                            HUGO BOSS                       513257            registered
Yugoslavia                         HUGO BOSS                       513257            registered
Japan                              HUGO BOSS                       2242045           registered
Slovakia                           HUGO BOSS                       482758            registered
Spain                              HUGO BOSS                       513257            registered
Uzbekistan                         HUGO BOSS                       482758            registered
Hong Kong                          HUGO BOSS                     13601/1999          registered
Hungary                            HUGO BOSS                       482758            registered
Rumania                            HUGO BOSS                       513257            registered
Slovenia                           HUGO BOSS                       482758            registered
Rumania                            HUGO BOSS                       482758            registered
Germany                            HUGO BOSS                       1103572           registered
Algeria                            HUGO BOSS                       482758            registered
San Marino                         HUGO BOSS                       513257            registered
Andorra                            HUGO BOSS                        8870             registered
Bosnia-Herzegovina                 HUGO BOSS                       513257            registered
San Marino                         HUGO BOSS                       482758            registered
France                             HUGO BOSS                       1414944           registered
Portugal                           HUGO BOSS                       482758            registered
</TABLE>

<PAGE>

Appendix 2                Registrations and Applications
                                - Non-excklusive -
                             International Class 14

<TABLE>
<CAPTION>
  Country                          Trademark                     Trademark No.         Status
-----------                  -------------------                 -------------       ----------
<S>                          <C>                                 <C>                 <C>
Germany                            HUGO BOSS                        1056562          registered
Lithuania                          HUGO BOSS                         8429            registered
Yugoslavia                         HUGO BOSS                        482758           registered
France                             HUGO BOSS                        513257           registered
Italy                              HUGO BOSS                        482758           registered
Vietnam                            HUGO BOSS                        482758           registered
Taiwan                             HUGO BOSS                        419767           registered
Ukraine                            HUGO BOSS                        482758           registered
Benelux                            HUGO BOSS                        482758           registered
Egypt                              HUGO BOSS                        482758           registered
Greece                             HUGO BOSS                         88319           registered
Canada                             HUGO BOSS                        525362           registered
New Zealand                        HUGO BOSS                        170002           registered
Moldavia                           HUGO BOSS                        513257           registered
Benelux                            HUGO BOSS                        513257           registered
Slovenia                           HUGO BOSS                        513257           registered
Russia                             HUGO BOSS                        482758           registered
Korea North                        HUGO BOSS                        482758           registered
Austria                            HUGO BOSS                        513257           registered
Russia                             HUGO BOSS                        238854           registered
Albania                            HUGO BOSS                        513257           registered
Greece                         HUGO BOSS (Greek)                    106591           registered
Japan                        HUGO BOSS (Japanese)                   2434207          registered
Germany                      HUGO BOSS (Cyrillic)                  39745540          registered
Russia                       HUGO BOSS (Cyrillic)                   688698           registered
Azerbaidzan                  HUGO BOSS (Cyrillic)                   688698           registered
Kazakhstan                   HUGO BOSS (Cyrillic)                   688698           registered
Ukraine                      HUGO BOSS (Cyrillic)                   688698           registered
Latvia                       HUGO BOSS (Cyrillic)                   688698           registered
Slovenia                     HUGO BOSS (Cyrillic)                   688698           registered
Rumania                      HUGO BOSS (Cyrillic)                   688698           registered
Belarus                      HUGO BOSS (Cyrillic)                   688698           registered
Bulgaria                     HUGO BOSS (Cyrillic)                   688698           registered
Moldavia                     HUGO BOSS (Cyrillic)                   688698           registered
Kyrgystan                    HUGO BOSS (Cyrillic)                   688698           registered
Yugoslavia                   HUGO BOSS (Cyrillic)                   688698           registered
Uzbekistan                   HUGO BOSS (Cyrillic)                   688698           registered
Poland                       HUGO BOSS (Cyrillic)                   688698           registered
</TABLE>

<PAGE>

Appendix 2                Registrations and Applications
                                - Non-excklusive -
                              International Class 14

<TABLE>
<CAPTION>
   Country                         Trademark                     Trademark No.         Status
-------------                      ---------                     -------------       -----------
<S>                                <C>                           <C>                 <C>
Portugal                           HUGO BOSS                       000049254         apllied for
Spain                              HUGO BOSS                       000049254         apllied for
Austria                            HUGO BOSS                       000049254         apllied for
France                             HUGO BOSS                       000049254         apllied for
Great Britain                      HUGO BOSS                       000049254         apllied for
Sweden                             HUGO BOSS                       000049254         apllied for
Denmark                            HUGO BOSS                       000049254         apllied for
Netherlands                        HUGO BOSS                       000049254         apllied for
Ireland                            HUGO BOSS                       000049254         apllied for
Finland                            HUGO BOSS                       000049254         apllied for
Italy                              HUGO BOSS                       000049254         apllied for
Belgium                            HUGO BOSS                       000049254         apllied for
Thailand                           HUGO BOSS                        487500           apllied for
Luxembourg                         HUGO BOSS                       000049254         apllied for
Germany                            HUGO BOSS                       000049254         apllied for
Greece                             HUGO BOSS                       000049254         apllied for
Tunisia                            HUGO BOSS                       EE03.1470         apllied for
</TABLE>
<PAGE>

GAR                            [          ]                              WATCHES

                                                                      Appendix 3

                                     [LOGO]

                                       GAR

                         General Acceptance Requirements
                                        &
                            Confidentiality Agreement

MGI Engineering                                                    December 2004

                                       1
<PAGE>

GAR                                    [          ]
WATCHES

CONTACTS

SWITZERLAND
MGI LUXURY GROUP S.A.
Engineering
Heinz Steiger
Rue de Nidau 35
CH-2501 Bienne, Switzerland
Tel 41 32/ 329 34 00 / Direct 41 32/ 329 35 10
Email: hsteiger@movado.ch

FAR EAST
Swissam Products Ltd.
Engineering
Raymond Chung
1406 World Finance Centre
North Tower, Harbour City
Tsimshatsui, Kowloon
Hong Kong
Tel (852) 2736-0564 / Direct
E-mail: rchung@movadogroup.com

EDITION

Edited by MOVADO Group Engineering, Switzerland
Languages: English

First Edition 2004

MGI Engineering                                                         December
2004

                                       2
<PAGE>

GAR                                    [          ]
WATCHES

All rights reserved. No part of this GAR may be reproduced or transferred in any
form or by any means, electronic or mechanical, including photocopying,
recording, or by any information storage and retrieval system, without
permission in writing from MOVADO Group.

MGI Engineering                                                         December
2004

                                       3
<PAGE>

GAR                                    [          ]
WATCHES

TABLE OF CONTENT

<TABLE>
<S>                                                                                      <C>
INTRODUCTION...........................................................................   5

1.   CASE..............................................................................   7

2.   DIAL & HANDS......................................................................   16

3.   BRACELET..........................................................................   21

4    STRAP.............................................................................   34

5    BUCKLE............................................................................   39

6    MOVEMENT..........................................................................   41

7    DIAMOND...........................................................................   42

8    PLATING...........................................................................   45

9    COMPLETE WATCHES..................................................................   47

10   QUALITY...........................................................................   50

11   PRE - SHIPMENT INSPECTION.........................................................   54

12   CONFIDENTIALITY AGREEMENT.........................................................   55

     QUICK CHECK GAR...................................................................   58

     GAR UPDATES.......................................................................   59
</TABLE>

MGI Engineering                                                         December
2004

                                       4
<PAGE>

GAR                                    [          ]
WATCHES

MGI Engineering                                                         December
2004

                                       5
<PAGE>

GAR                                    [          ]
WATCHES

INTRODUCTION

The purpose of this GAR (General Acceptance Requirements) is to maximize
engineering responsibilities and activities with suppliers. This GAR will help
to encourage and maintain a mutual understanding between Movado Group and
suppliers.

GAR and specifications serve as a guideline and will be updated regularly in
order to give the greatest input for product requirements.

For new product development, Movado Group will, provide for the suppliers,
additional product specifications if necessary.

To assure a good functioning of the engineering, rules and responsibilities as
outlined in this GAR have to be respected by all parties involved.

An important factor is also Modularity. MG requests the supplier to use
standardized components as outlined in this GAR. As a general rule, MG must
approve deviations from those standards.

Suppliers are always requested to sign off on GAR updates, this to avoid
misunderstandings.

CONFIDENTIALITY

This is a confidential document. Under no circumstances are copies to be made
without the written approval of MGI.

The vendor must keep in confidence all designs and technical specifications of
the product line. Under no circumstances is the vendor allowed to show dials and
other materials made for MGI as samples to a third party.

MGI Engineering                                                         December
2004

                                       6
<PAGE>

GAR                                    [          ]
WATCHES

* CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

MGI Engineering                                                         December
2004

                                       7
<PAGE>

GAR                                    [          ]
WATCHES

4 CONFIDENTIALITY AGREEMENT

THIS AGREEMENT made this ________________ day of _________________ 200 by and
between ______________________________ , a corporation organized and existing
under the laws of ____________________________ having offices at
________________________________(hereafter called the << Corporation >>), and
Movado Group, Inc., a corporation organized and existing under the laws of the
State of New Jersey, having offices at 650 From Road, Paramus, N. J. 07652
(hereafter called MGI).

      4.1 WITNESSETH

Whereas, the parties contemplate establishing a business relationship for the
purpose of the Corporation manufacturing, producing, and supplying to MGI fully
assembled watches and component parts therefore, bearing or to be sold by MGI or
certain of its affiliates under the trademark Hugo Boss or such other trademarks
owned by Hugo Boss Trademark Management Gmbh & Co., which will make it necessary
and desirable that MGI disclose to the Corporation confidential information,
including all knowledge and data which is made available by MGI or developed in
the course of the parties' business relationship, proprietary to the MGI
(hereinafter called the "Information") concerning current, future or proposed
watch designs, ideas, prints, sketches, samples, models, drawings,
specifications, production quantities, costs, customers, know how and the like
relating to such product or products or to MGI's business or potential interest;

NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, the parties agree:

1.    The Corporation, upon receiving the Information from MGI, shall not
      communicate such Information to any third party and shall use its best
      efforts and take all necessary precautions to prevent inadvertent
      disclosures of such Information to any third party.

2.    The Corporation shall neither use the Information for its own account nor
      circulate it within its own organization except to the extent necessary
      for:

            a)    Negotiations, discussions and consultations with personnel or
                  authorized representatives of MGI or the Corporation;

            b)    Supplying MGI with goods or services at its order;

            c)    Preparing bids, estimates and proposals for submission to MGI;
                  and

            d)    Any purpose MGI may hereunder authorize in writing

The Corporation agrees that if the Information is circulated pursuant to the
foregoing provisions (a) through (d), any person receiving the Information shall
be directed and required by the Corporation to maintain the Information in
confidence. The Corporation shall use its best efforts and take all necessary
precautions to prevent inadvertent disclosure of the Information and shall not
manufacture or permit any third party to manufacture any goods employing or
adopted from any of such Information or the Trademarks.

MGI Engineering                                                         December
2004

                                       8
<PAGE>

GAR                                    [          ]
WATCHES

3.    The obligations of Paragraphs 1 and 2 hereof shall terminate with respect
      to any particular portion of the Information when the Corporation can
      document that it was in the public domain at the time of its disclosure.

MGI Engineering                                                         December
2004

                                       9
<PAGE>

GAR                                    [          ]
WATCHES

4.    All materials, including, without limitation, documents, drawings, models,
      apparatus, sketches, designs, and lists, furnished to the Corporation by
      or on behalf of MGI shall remain the property of, and shall be returned
      upon demand to, MGI together with all copies made thereof.

5.    Because the Information revealed by MGI to the Corporation under this
      Agreement is unique and proprietary to MGI and MGI does not have an
      adequate remedy at law to protect its interests, the Corporation agrees
      that MGI shall be entitled to injunctive relief, in addition to such
      remedies and relief that would, in the event of a breach, be available to
      it.

6.    This Agreement shall be construed in accordance with the laws of the State
      of New Jersey.

7.    In the event this Agreement is also executed by one or more individuals as
      a guarantor or guarantors of the performance by the Corporation of its
      obligations hereunder, then each of such individual(s) ("Guarantor")
      hereby guaranties the performance by the Corporation of its obligations
      hereunder, such guaranty being an absolute and continuing guaranty of
      performance, and Guarantor shall be personally liable for any violation by
      the Corporation of this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their duly authorized officers as of the day and year first above written.

MOVADO GROUP, INC.

By : __________________________

Name: _________________________

Title: ________________________

CORPORATION

By: ___________________________

Name: _________________________

Title: ________________________

GUARANTOR

By: ___________________________

Name: _________________________

MGI Engineering                                                        December
2004

                                       10
<PAGE>

GAR                                    [          ]
WATCHES

MGI Engineering                                                        December
2004

                                       11
<PAGE>

GAR                                    [          ]
WATCHES

REMARKS

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MGI Engineering                                                         December
2004

                                       12
<PAGE>

GAR                                    [          ]
WATCHES

GAR UPDATES

<TABLE>
<CAPTION>
                                                       GAR UPDATES
---------------------------------------------------------------------------------------------------------------------
REF        COMPONENT                    ITEM                REASON          DESCRIPTION OF CHANGE                DATE
---        ---------                    ----                ------          ---------------------                ----
<S>        <C>                          <C>                 <C>             <C>                                  <C>
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
___        _________                    ____                ______          _____________________                ____
</TABLE>

MGI Engineering                                                         December
2004
                                       13
<PAGE>

GAR                                    [          ]
WATCHES

                               [MOVADO GROUP LOGO]

MGI Engineering                                                         December
2004

                                       14
<PAGE>

GAR                                    [          ]
WATCHES

                                   ENGINEERING

                  Nidaustrasse 35 2501 Biel/Bienne Switzerland

MGI Engineering                                                         December
2004

                                       15
<PAGE>

                                                                      APPENDIX 4

                                  BUSINESS PLAN

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

<PAGE>

                                                                      APPENDIX 6

                              PRIOR PRODUCT STYLES

*CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]