Document:

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                                                                   EXHIBIT 10.2*

                      SECOND AMENDMENT TO LICENSE AGREEMENT
                           DATED JUNE 3, 1999 BETWEEN
              TOMMY HILFIGER LICENSING, INC. AND MOVADO GROUP, INC.

      AGREEMENT entered into as of the 1st day of August 2002 by and between
TOMMY HILFIGER LICENSING, INC., a Delaware corporation, having an address at
University Plaza - Bellevue Building, 262 Chapman Road, Suite 103A, Newark,
Delaware 19702 (hereinafter referred to as "Hilfiger") and MOVADO GROUP, INC., a
New York corporation having its offices at 650 From Road, Paramus, New Jersey
07652 ("MGI") and MOVADO WATCH COMPANY, S.A., successor by merger with N.A.
TRADING, S.A., a Swiss corporation, having its offices at Bettlachstrasse 8,
2540 Grenchen, Switzerland ("MWC"). MGI and MWC are hereinafter jointly referred
to as "Licensee".

                              W I T N E S S E T H:

      WHEREAS, Hilfiger and Licensee entered into a license agreement dated June
3, 1999, which license agreement was previously amended by amendment dated
January 16, 2002 (the "License"); and

      WHEREAS, the parties have agreed to the amendments to the License
contained herein.

      NOW, THEREFORE, the parties hereto, in consideration of the mutual
agreements contained and promises herein expressed, and for other good
consideration acknowledged by each of them to be satisfactory and adequate, do
hereby agree as follows:

      1. All capitalized terms used herein shall have the meanings ascribed to
them in the License.

      2. The following is inserted into the License as Paragraph 1.3A:

            "1.3A DISTRIBUTOR means a wholesale distributor approved by Hilfiger
            to purchase Licensed Products from Licensee and to resell the same
            to

*(CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED FROM PAGES 3, 5, 6 AND
FROM EXHIBITS "R" AND "S" THERETO AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION ("SEC") PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE
ACT OF 1934 ("1934 ACT")).
<PAGE>
            approved customers as set forth in Paragraph 7.7 below and who shall
            agree in writing to be bound by paragraphs 7.7 and 7.8."

      3. Paragraph 1.10 of the License is hereby amended by inserting the
following after the word "achieve":

            "in each Region and Area of the Territory"

      4. Paragraph 1.11 of the License is hereby amended by inserting the
following immediately before the word "retailers":

            "Distributors and to"

      5. Paragraph 1.19 of the License is hereby amended by deleting the same in
its entirety and replacing it with the following:

            "1.19 TERRITORY means the following regions ("Regions") defined
            below:

            a.    WESTERN HEMISPHERE means the Region including the United
                  States (including its territories and possessions as of the
                  date of this Agreement), Canada, the Caribbean Islands (as set
                  forth in Exhibit N), duty free shops (such as, but not limited
                  to, DFS) only worldwide, United States military bases
                  worldwide and Mexico.

            b.    EUROPE means the Region including the following areas
                  ("Areas"):

                  (i) NORTH EUROPE means the Area including Germany, Austria,
                  Switzerland, Benelux, France, Denmark, Sweden, Iceland, Norway
                  and Finland;

                  (ii) SOUTH EUROPE means the Area including Spain, Portugal,
                  Greece, Turkey, Italy and the Middle East; and

                  (iii) UNITED KINGDOM means the Area including England,
                  Ireland, Northern Ireland, Scotland and Wales.

            c.    PAN PACIFIC means the Region including Hong Kong, Southeast
                  Asia and Australia (specifically not including Japan or
                  Korea)."

      6. Paragraph 3.1 is hereby amended by deleting the words "December 31,
2005" and substituting in lieu thereof "December 31, 2006".

      7. Paragraph 3.2 is hereby amended by deleting the words "December 31,
2010" and substituting in lieu thereof "December 31, 2011".

      8. Paragraph 4.1 of the License is hereby amended by:

                                       2
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            (a) deleting the first two sentences thereof and replacing them with
            the following:

                  "Licensee will, at its sole cost and expense, employ the
                  following persons or persons with similar titles and
                  responsibility, who will all, except as specifically
                  indicated, work exclusively with Hilfiger's representatives on
                  Licensee's business arising under this Agreement and will
                  report directly to the President of Licensee or his or her
                  designee:

<TABLE>
<CAPTION>
                  Region                  Position
                  ------                  --------
<S>                                       <C>
                  Global                  President
                  Western Hemisphere      Vice President of Sales
                  Global                  Vice President of Marketing
                  Global                  Designer
                  Global                  Vice President of Design and
                                          Product Development
                  Europe                  General Manager (non-exclusive)
                  Europe                  Vice President of Sales
                  Pan Pacific             General Manager (non-exclusive)
                  Pan Pacific             Sales Manager
</TABLE>

            (b) inserting the following after the end of the last sentence:

                  "Licensee shall also establish a separate division based in
                  Switzerland for the Europe Region."

      9. Paragraph 7.5 of the License is hereby amended by deleting the same in
its entirety and replacing it with the following:

            "During each Annual Period, Licensee must achieve the Minimum Sales
            Levels indicated on Exhibit R for each Region/Area in the Territory.
            The Minimum Sales Level for each Region/Area in the Territory for
            each Annual Period must be the greater of (a) the amounts set forth
            in Exhibit R for such Region/Area in the Territory, if any, and (b)
            * of the actual Net Sales in such Region/Area for the immediately
            preceding Annual Period (except when the immediately preceding
            Annual Period is more than twelve months, in which case only the
            last twelve (12) months of such Annual Period shall apply). In no
            event, other than for the fourth Annual Period for the Areas/Regions
            other than the Western Hemisphere, may the Minimum Sales Level for
            any Annual Period be less than the Minimum Sales Level for the
            immediately preceding Annual Period."

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

                                       3
<PAGE>
      10. Paragraph 7.7 of the License is hereby amended by deleting the same in
its entirety and replacing it with the following:

            "7.7 APPROVED RETAIL CUSTOMERS. Licensee and its Distributors may
            sell Licensed Products only to those specialty shops, department
            stores and retail outlets (including those that sell directly to the
            consumer) that carry high quality and prestige merchandise and whose
            operations are consistent with Hilfiger's reputation and sales
            policies. In addition, Licensee may sell Licensed Products to
            corporate accounts, which have been approved in writing by Hilfiger,
            for the use of the employees of such corporate accounts ("Approved
            Corporate Accounts"). Approved Corporate Accounts shall in no event
            include corporate accounts selling alcohol, tobacco, gaming and
            firearms products. A list of Approved Corporate Accounts is annexed
            hereto as Exhibit P. Upon execution of this Agreement, and prior to
            the opening of each selling season (and whenever Licensee or its
            Distributors wish to sell Licensed Products to retail customers not
            previously approved by Hilfiger), Licensee must submit a list of
            such proposed retail customers (not including previously approved
            retail customers) for Hilfiger's written approval. Hilfiger has the
            right to withdraw any such approval on written notice to Licensee,
            provided, however, that Hilfiger will not withdraw approval of a
            retail customer which is then carrying any products of Hilfiger's
            men's sportswear licensee unless Hilfiger is reasonably dissatisfied
            with the display, delivery or inventory model of Licensed Products
            of such retail customer. After such notice, Licensee may not accept
            additional orders for Licensed Products from such retail customer,
            but may fill any existing order. Anything herein to the contrary
            notwithstanding, Licensee may sell Licensed Products to advertising
            specialty companies for resale only to Approved Corporate Accounts,
            for the use of their employees, and not for resale, provided that
            such advertising specialty companies shall, prior to receiving any
            Licensed Products from Licensee, execute an agreement substantially
            in the form annexed hereto as Exhibit Q and provide an original
            executed copy of such agreement to Hilfiger."

      11. Paragraph 7.8 is hereby amended by:

            (a)   deleting clause (c) thereof and substituting in lieu thereof
                  the following: "(c) sell or distribute any Licensed Products
                  to jobbers, diverters, catalog vendors or any other entity
                  that does not operate retail stores exclusively other than to
                  its Distributors which distribute only to U.S. military bases
                  or to retail customers in the Territory that satisfy the
                  criteria set forth in Paragraph 7.7 hereof"; and

            (b)   deleting the words "Licensee shall include and shall enforce
                  the following on all invoices to its customers" and
                  substituting in lieu thereof the words

                                       4
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                  "Licensee shall include and shall enforce the following on all
                  invoices to its retail customers".

      12. Paragraph 7.9c of the License is hereby amended by changing the chart
heading from "Fixturing Obligation" to "U.S. Fixturing Obligation".

      13. Paragraph 7.12 of the License is hereby amended by deleting the third
sentence thereof in its entirety and replacing it with the following:

            "The price for such Close-Outs and Seconds and any other Licensed
            Products purchased by Outlet Stores will be *

      14. Paragraph 7.13 of the License is hereby amended by deleting the same
in its entirety and replacing it with the following:

            "7.13 PURCHASES BY FRANCHISEES AND TOMMY HILFIGER STORES. For the
            purposes hereof, "Franchisee" means the operator of stores not owned
            by or affiliated with Hilfiger that bear the name "Tommy Hilfiger",
            "Hilfiger" or any derivative thereof. Beginning on the first day of
            each of Licensee's market periods, Franchisees and Tommy Hilfiger
            Stores may purchase Licensed Products from Licensee. The prices
            charged to each shall be as follows:

                                        *

            All of the foregoing purchases will be on standard industry terms.
            Licensee will fill such orders in a manner at least as favorable as
            Licensee fills orders from its other customers.

      15. Paragraph 8.1 of the License is hereby amended by deleting the chart
contained therein and replacing it with the following:

<TABLE>
<CAPTION>
                              Guaranteed Minimum
            "Annual Period    Advertising Payment
            --------------    -------------------
<S>                           <C>
            First
            Second
            Third                    *
            Fourth
            Fifth
            Sixth
</TABLE>

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

                                       5
<PAGE>
      16. Paragraph 8.2 of the License is hereby amended by

            (a) adding the following at the end thereof:

            "Licensee may, with Hilfiger's approval in each instance, receive
            credit towards the Guaranteed Minimum Advertising Payments otherwise
            due, for cooperative advertising paid for by Licensee. Such approval
            may be withheld in Hilfiger's sole discretion and, if approved, such
            credit may be given only upon submission to Hilfiger of such proof
            of Licensee's expenditures and such advertising as is acceptable to
            Hilfiger." and

            (b) deleting Paragraph 8.2b in its entirety, effective as of July 1,
            2002.

      17. Paragraph 8.3b is hereby amended by inserting the following after the
first sentence thereof:

            "Hilfiger will, during the Term hereof, make its best efforts to
            expend an amount equivalent to *

      18. Paragraph 9.1 of the License is hereby amended by

            (a) deleting the first sentence thereof and replacing it with the
            following:

                  "Licensee shall, during each Annual Period or portion thereof
                  (calculated on a pro rata basis), pay to Hilfiger the
                  Guaranteed Minimum Royalties set forth on Exhibit S."

            (b) deleting the chart contained therein.

      19. Paragraph 15.3a of the License is hereby amended by deleting the third
sentence thereof and replacing it with the following:

            "If Licensee fails to achieve a Minimum Sales Level for one Annual
            Period in any period of five (5) consecutive Annual Periods,
            provided that Licensee promptly pays to Hilfiger the Guaranteed
            Minimum Royalty for such Annual Period, this Agreement shall not be
            terminated. Notwithstanding the foregoing, if Licensee fails to meet
            a Minimum Sales Level for a second Annual Period during a period of
            five (5) consecutive Annual Periods, a notice of termination shall
            be effective on thirty (30) days notice as follows:

                  (i)   If the Minimum Sales Level which Licensee fails to meet
                        is for the Western Hemisphere, this entire Agreement
                        shall be

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

                                       6
<PAGE>
                        terminable;

                  (ii)  If the Minimum Sales Level which Licensee fails to meet
                        is for either Europe or Pan Pacific, this Agreement
                        shall be terminable only as to the Region for which the
                        Minimum Sales Level is not achieved;

                  (iii) If the Minimum Sales Level which Licensee fails to meet
                        is for one of the Areas in Europe, this Agreement shall
                        be terminable as to that Area only."

      20. Exhibits R, and S annexed to this amendment are hereby added to the
License.

      21. Except as modified hereby, all other paragraphs contained therein
shall remain in full force and effect and nothing contained herein shall alter
them in any way and are hereby in all respects ratified and confirmed.

      IN WITNESS WHEREOF, Hilfiger and Licensee have respectively signed this
agreement as of the date first written above.

TOMMY HILFIGER LICENSING, INC.          MOVADO GROUP, INC.

By: /s/ Virginia M. Cleary              By: /s/ Richard Cote
Title: Assistant Secretary              Title: Exec.V.P./Chief Operating Officer

                                        MOVADO WATCH COMPANY, S.A.

                                        By: /s/ Richard Cote
                                        Title: Director

                                       7
<PAGE>
                                    EXHIBIT R

                              MINIMUM SALES LEVELS

                                        *

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

                                       8
<PAGE>
                                    EXHIBIT S

                          GUARANTEED MINIMUM ROYALTIES

                                        *

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

                                       9<PAGE>

                                                                    Exhibit 10.3

THE BANK OF NEW YORK

                             385 RIFLE CAMP ROAD, WEST PATERSON, N.J. 07424-0403

                                              August 14, 2002

Mr. Frank V. Kimick
Vice President/Treasurer
Movado Group, Inc.
650 From Road
Paramus, New Jersey 07652

     Re: Line of Credit to Movado Group, Inc. (the "Company")

Dear Frank:

     Reference is made to the letter dated August 20, 2001 from The Bank of New
York (the "Bank") to the Company concerning the line of credit that the Bank
holds available to the Company (the "Line Confirmation Letter").

     This is to confirm that the date set forth in the second paragraph of the
Line Confirmation Letter has been changed to "July 31, 2003".

     Except as set forth above, the terms of the Line Confirmation Letter remain
in full force and effect without any other amendment, change or modification.

                                        Very truly yours,

                                        THE BANK OF NEW YORK

                                        By: /s/ Susan M. Graham
                                           ----------------------------------
                                           Susan M. Graham
                                           Vice President

<PAGE>
THE BANK OF NEW YORK

                             385 RIFLE CAMP ROAD, WEST PATERSON, N.J. 07424-0403

                                                       August 20, 2001

Mr. Kennith C. Johnson
Chief Financial Officer
Movado Group, Inc.
125 Chubb Avenue
Lyndhurst, New Jersey 07071

               Re:   Line of Credit to Movado Group, Inc. (the "Company")

Dear Mr. Johnson:

     The Bank of New York (the "Bank") is pleased to confirm that it continues
to hold available to the Company an unsecured line of credit.

     The line of credit shall be held available until July 31, 2002 unless
canceled earlier as provided in the last sentence of this paragraph. During the
period the line of credit is held available, the line of credit may be used for
direct borrowings by the Company provided that the aggregate amount of all
extensions of credit under the line of credit at any one time outstanding
(including all extensions of credit which were made under the line of credit
prior to the date of this letter and are outstanding as of the date of this
letter) shall not exceed $5,000,000. The line of credit may be canceled by
either party at any time for any reason.

     The making of any extension of credit under the line of credit is in the
Bank's sole and absolute discretion and is subject to the Bank's satisfaction
with the condition, (financial and otherwise), business, prospects, properties,
assets, ownership, management and operations of the Company and the purpose of
each extension of credit. In furtherance of the foregoing, the Bank shall be
permitted to inspect the books and records of the Company as the Bank may
request from time to time, and there shall be furnished to the Bank such
financial statements, documents and other information concerning the Company as
the Bank may request from time to time.

     All extensions of credit under the line of credit in the form of direct
borrowings by the Company (including all extensions of credit which were made
under the line of credit prior to the date of this letter and are outstanding as
of the date of this letter) shall be evidenced by the
<PAGE>
                                                                               2

Amended and Restated Master Promissory Note dated June 27, 2000 made by the
Company to the order of the Bank in the principal amount of $5,000,000.00 and
shall be payable and bear interest as provided therein.

     Prior to the making of any extension of credit under the line of credit
after the date of this letter, the Bank shall have received the enclosed copy
of this letter and such other instruments, certificates and related documents
as the Bank shall consider necessary or desirable in connection with the line
of credit and the extensions of credit to be made under the line of credit, in
each case duly executed by the appropriate persons and in form and substance
satisfactory to the Bank.

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

     The Company agrees to pay all costs and expenses incurred by the Bank
incidental to or in any way relating to enforcement of the Company's
obligations under this letter or the protection of the Bank's rights in
connection with this letter, including, without limitation, reasonable
attorneys' fees and expenses, whether or not litigation is commenced.

     THE COMPANY AND THE BANK WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED UPON, ARISING OUT OF OR IN ANY WAY CONNECTED TO THIS LETTER.

     Please acknowledge the agreement of the Company with the foregoing by
executing both copies of this letter in the space below and returning one copy
to the Bank.

                                             Very truly yours,

                                             THE BANK OF NEW YORK

                                             By: /s/ Linda Mae Coppa
                                                --------------------------
                                                Linda Mae Coppa
                                                Vice President

Acknowledged and Agreed to:

MOVADO GROUP, INC.

By: /s/ Kennith C. Johnson
   ------------------------------
   Name: Kennith C. Johnson
   Title: Chief Financial Officer

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