What Movado Group, Inc. told the SEC could break it.

Over 80% of product unit volume originates in Asia, the vast majority from China (with most jewelry and packaging of Chinese origin), concentrating sourcing in one country exposed to tariffs and trade disruption.

“Over 80% of the Company's product unit volume originates from Asia, with the vast majority coming from China. Substantially all of the remaining products originate from Europe.”

Chinese-origin watch bands/jewelry bear a 7.5% Section 301 tariff and packaging a 25% Section 301 tariff, layered with shifting IEEPA/Section 122 'reciprocal' tariffs (10% rising to a planned 15%) — directly raising the China-sourced importer's costs.

“Since February 2020, the Company's U.S. imports of Chinese-origin watch bands and jewelry have been subject to a special incremental tariff of 7.5% under Section 301 of the Trade Act of 1974, and imports of Chinese-origin packaging have been subject to a 25% Section 301 tariff.”

Although no single customer exceeded 10% of net sales, a significant e-commerce retail customer and its affiliates represented ~25% of accounts receivable at Jan 31, 2026, concentrating credit exposure.

“At January 31, 2026, accounts receivable included amounts due from a significant e-commerce retail customer and certain of its affiliates representing approximately 25 %”

Swiss watch movements for Movado, EBEL and Concord come from three suppliers, but all mechanical movements come from a single supplier; disruption would hit Swiss watch operations (bounded — mechanical movements are used in only a small number of styles).

“The Swiss watch movements used in the manufacture of Movado, EBEL and Concord watches are purchased from three suppliers, with all mechanical movements coming from a single supplier.”