Movado Group, Inc. (MOV) designs, manufactures and distributes watches from nine of the most recognized and respected names in time: Movado, Ebel, Concord, and ESQ SWISS as well as Coach, HUGO BOSS, Juicy Couture, Lacoste and Tommy Hilfiger. The company also designs and markets exclusive Movado jewelry and gifts through their Movado Boutique stores in the United States. With manufacturing facilities in Switzerland, and corporate headquarters in Paramus, New Jersey and Bienne, Switzerland, the company employs more than 1,800 people worldwide.

Movado announced last week initiatives designed to streamline operations, reduce expenses, and improve efficiencies and effectiveness across the company’s global organization. As part of the company’s expense reduction plan, Movado will reduce its payroll expense by approximately 10%, which represents approximately 90 currently filled positions and 6% of its full-time workforce. The company will streamline its operations to simplify it organizational reporting structure and generate efficiencies with such measures as consolidating certain geographical functions in the areas of distribution, finance, administration and procurement.

Movado expects its expense reduction plan will result in ongoing, annualized, pre-tax cost savings of approximately $25.0M, or 8% of the company’s operating expenses. The company expects to realize approximately $6.0M of these savings in fiscal 2009. “Streamlining our organization is a difficult decision,” stated Efaim Grinberg, president and chief executive officer. “However, we recognize that it is necessary to make decisions that not only respond to the current challenging economic environment, but that will also strengthen Movado Group for the long-term.”

Let us hear your thoughts below: