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New expansion opportunities – Movado Boutiques represent the front-line opportunity to grow Movado into a full lifestyle brand. Current plans call for the opening of two to five stores a year in select U.S. metropolitan markets during the next five years. 

New marketing programs – Repeat Boutique business is being cultivated through a program of seasonal mailings of catalogs and brochures to established customers and key new prospects. 

## Movado Boutique expansion – Store openings by year 

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