The watches, which will launch at the 2013 Watch & Jewelry Fair in Basel, Switzerland, are to be distributed around the world at select retailers and will be priced up to €1,500.

"We are extremely pleased to announce this new agreement with Ferrari and believe this will prove to be a mutually rewarding venture for both companies,” says Efraim Grinberg, chairman and chief executive officer, Movado Group. “The Scuderia Ferrari watch collection will feature compelling, identifiable designs combined with the high quality craftsmanship that Movado Group is known for. The Ferrari Formula 1 cars and Ferrari Road cars will provide great inspiration to our design group. We look forward to collaborating with them to design an innovative collection and to satisfy the requests of Ferrari enthusiasts around the world."

"I am very pleased to be collaborating with the Movado Group,” says Luca di Montezemolo, chairman, Ferrari. “This agreement is the perfect complement to our branded watch business in an innovative and highly competitive segment. We look forward to benefiting from Movado's expertise in design, development and distribution in order to reach our fans around the world."