December 21 , 2000



Movado Group, Inc.

125 Chubb Avenue

Lyndhurst, New Jersey 07071





Subject:       Temporary Rental of approximately 19,374 square feet on the

               second floor (north wing) at 300 Tice Boulevard,

               Woodcliff, Lake, New Jersey



Dear Gentlemen:



This is to confirm that we as "Lessor" have agreed to lease to you, and you as

"Lessee" have agreed to hire from us, on a temporary basis, approximately 19,374

square feet on the second floor (north wing) at 300 Tice Boulevard, Woodcliff

Lake, New Jersey ("Building") as per the plan attached hereto and made a part

hereof ("Temporary Premises"). The parties acknowledge that, as of the date

hereof, Lessee is in possession of and occupying the Temporary Premises under a

sub-sublease with Merck-Medco ("Sublease"). Lessee hereby agrees to occupy the

Temporary Premises from April 1, 2001 until June 30, 2001. The Temporary

Premises shall be tendered to Lessee in their present "as is" condition, broom

clean. Lessor shall perform no service and do no work other than that which is

specifically set forth herein, and Lessee shall not make any material

alterations or additions without the prior written permission of Lessor.



Lessee hereby agrees to pay to Lessor as rent hereunder at the rate of THREE

HUNDRED EIGHTY SEVEN THOUSAND FOUR HUNDRED EIGHTY AND 00/100 DOLLARS

($387,480.00) per annum, payable in equal monthly installments at the rate of

THIRTY TWO THOUSAND TWO HUNDRED NINETY AND 00/100 DOLLARS ($32,290.00) per

month.



        From and after occupancy, Lessor agrees to supply electric power to the

Temporary Premises during the hours of 8:00a.m. to 6:00p.m. Monday through

Friday and 8:00a.m. to 1:00p.m. on Saturdays (herein referred to as "Building

Hours") at a cost of ONE AND 20/100 DOLLARS ($1.20) per year for each rentable

square foot being leased hereunder, which amount shall be payable as "Additional

Rent," in advance, in equal consecutive monthly installments on the first day of

each and every month.



The rental includes, and Lessor shall provide, all ordinary office cleaning,

real estate taxes, grounds and structural maintenance (except window glass),

elevator service, Building standard HVAC service and water for ordinary sanitary

and janitorial purposes. Lessee agrees to maintain the interior of the Temporary

Premises in good repair with contractors reasonably acceptable to Lessor, at

Lessee's expense. Lessee shall be liable for any damage to the Temporary

Premises or the mechanical systems, except for any damage caused by Lessor or

any of Lessor's, agents, contractors, employees or representatives, normal wear

and tear excepted. If Lessee fails reasonably to cure a default hereunder

following written notice thereof and an opportunity to cure, Lessor may do so

for Lessee and charge Lessee the reasonable cost thereof. Lessee shall not

engage in any activity which would prevent nearby lessees from having the quiet

enjoyment of their premises. Lessee shall comply with any non-discriminatory

rules or regulations promulgated by Lessor for the common areas, grounds, access

roads and the building of which the Temporary Premises are a part.*





Lessee shall have the use of the same number of parking spaces as Lessee is

currently using pursuant to the Sublease. Lessee shall not park vehicles

overnight nor use the loading docks for any purpose other than loading and

unloading.



Except as otherwise provided herein, Lessee agrees to occupy the Temporary

Premises at Lessee's sole risk, and will provide and keep in force during the

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