Fossil Group

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File:Fossil store, Oxford Street, London, March 2016 01.jpg

Fossil store, Oxford Street, London, 2016

Fossil Group, Inc., is an American fashion design and manufacturer founded in 1984 by Tom Kartsotis and based in Richardson, Texas. Their brands include Fossil, Relic, Michele Watch, Skagen Denmark, WSI, and Zodiac Watches. Fossil also makes licensed accessories for brands such as BMW, Puma, Emporio Armani, Michael Kors, DKNY, Diesel, Kate Spade New York, Tory Burch, Chaps, and Armani Exchange.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Franco Fogliato, appointed as CEO and member of the Board of Directors on September 18, 2024 replaced Kosta Kartsotis, Former CEO of Fossil Group, Inc. Franco most recently served as President and Chief Executive Officer of Salomon, a division of Amer Sports, Inc. (NYSE: AS), from November 2021 until April 2024.

Company historyEdit

Fossil was founded in 1984 as Overseas Products International by Tom Kartsotis, a former Texas A&M University student living in Dallas from a suggestion by his older brother, Kosta Kartsotis, a merchandising executive at Sanger-Harris. Kosta told his younger brother about the potential large profits that could be made in importing retail goods made in the Far East, specifically in importing moderately-priced fashion watches.<ref name="FUNDING"/> Their main product was fashion watches with a retro look. In 1990, they introduced leather goods under the Fossil brand, and the Relic line of watches.

Fossil had its initial public offering in 1993.<ref name="FUNDING"/><ref>Wood, Sean, "Watchmaker Plans IPO to Fund Acquisitions, Expansion", Dallas Business Journal, February 7, 1992, p. 3.</ref>

Zodiac Watches was a Swiss brand that had been operating since 1882 when Fossil acquired it from Genender International in 2001 for $4.7 million.<ref>"QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934: For the quarterly period ended: October 6, 2001"</ref> Fossil's desire to establish a Swiss presence led to the purchase of the Zodiac Watch brand and a complete retooling of that line to reflect a retro modern 1970s style in a higher end watch. The 2004 purchase of Michele Watch completed the cycle by offering a high-end Swiss watch with a designer flair.Template:Citation needed

In September 2007, Fossil was accused of infringing a patent owned by Financial Innovations Systems, LLC, in a lawsuit filed in the Northern District of Texas. The case was settled for an undisclosed amount and dismissed shortly thereafter.<ref>"Docket: Defendant: Fossil Inc"</ref>

The Watch Station International chain was purchased from Luxottica/Sunglass Hut in December 2007.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite journal</ref>

Fossil has design studios in Biel, Switzerland, close to Rolex as well as manufacturing facilities in China and distribution centers in Dallas, Germany, and Asia.<ref>Halkias, Maria, "Fossil watches empire grow: Popular company marks 20th year", The Dallas Morning News, January 8, 2005</ref>

In 2012, Fossil, Inc. agreed to purchase Skagen Designs and some of its partners for approximately $225 million in cash and 150,000 Fossil shares. The total value paid by Fossil would be approximately $236.8 million.<ref name="DALLASBIZJOURNAL01102012">Thompson, Steven R., "Fossil to acquire accessory maker for $225M", Dallas Business Journal, Tuesday, January 10, 2012</ref><ref>"Fossil to acquire accessory maker for $225M", Yahoo! Finance, Zacks Equity Research, Wed, January 11, 2012</ref>

In early 2013, Fossil introduced their upscale and more expensive "Fossil Swiss" line of watches which are made in Switzerland.<ref>"Introducing Fossil Swiss", Fossil corporate blog, February 2013.</ref><ref>Steigrad, Alexandra, "Fossil Adds Swiss Men's Watches", Women's Wear Daily, February 7, 2013</ref>

In November 2015, Fossil acquired Misfit for $260 million, with plans to incorporate Misfit's technology into traditional-looking watches.<ref>"Fossil acquires wearable maker Misfit for $260 million", The Verge, November 12, 2015.</ref>

In 2021, the company cut their number of employees from 10,200 to 7,500.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2022, Fossil Group appointed Lisa Marie Pillette as Senior Vice President and Chief Marketing Officer.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In January 2024, the company announced that it would leave the smartwatch business. <ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Licensed businessEdit

Template:Multiple image Fossil has had financial success with its own brands and this success has led a number of deals for licensed watch lines. In 2001, Fossil collaborated with designer Philippe Starck to create the Starck with Fossil watch collection. The collection features ultra-modern designs and unique movements. Other licensed watch lines that Fossil designs, manufactures, and distributes include Burberry, DKNY, Emporio Armani, Armani Exchange, Columbia Sportswear, Diesel, Frank Gehry, Karl Lagerfeld, Tory Burch, Kate Spade, Michael Kors, Callaway Golf, Davis Cup, Marc by Marc Jacobs, Skagen Designs, Michele, and Adidas. When referencing Fossil's watch lines, they are generally regarded as a "manufacturer"; Fossil also designs and manufactures their own movements under the Fossil Twist Line.<ref>FOSSIL Watches, Handbags, Wallets & Clothing: About</ref>

Special productsEdit

File:Fossil Wrist PDA on wrist.JPG

The Fossil Wrist PDA released in 2003, which runs Palm OS

In addition, the company produces collectibles, some of which are based on popular films or pop culture characters. Previous designs include: Superman; Batman; Wonder Woman; Elvis Presley; Pirates of the Caribbean; Flash; Green Lantern; Snoopy, Pokémon; Star Wars; Chronicles of Narnia; Cars; The Matrix; Harry Potter Template:Citation needed and Minecraft.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2003, the company released the "Fossil Wrist PDA" wristwatch computer which is a tiny Palm OS-based PDA worn like a watch. In 2006, Fossil released a Caller ID watch.<ref>Segan, Sascha, "Fossil To Sell Caller ID Watch" Template:Webarchive, PC Magazine, September 28, 2006</ref>

In 2006, Fossil teamed up with the National Football League in the United States to make the official watch collection for each team.<ref>Template:Cite news</ref> Fossil also caters to special markets that seek to customize products.<ref>"Fossil Special Markets Division" Template:Webarchive, Fossil corporate</ref>

WebsitesEdit

Fossil Groups' e-commerce website, fossil.com, has a total of 248 stores as of the 2024 fiscal year review that cut across the world such as Fossil UK, Fossil USA, Fossil India, and even in Africa within nations like Fossil South Africa, and Fossil Nigeria.

AwardsEdit

Fossil won awards for "Most Effective Use of Online Creative" and "Best of Show" awards for the 6th Annual DFWIMA Excellence in Interactive Marketing (in 2006).<ref>"Excellence in Interactive Marketing Awards (EIMA)" Template:Webarchive, DFW Dallas-Fort Worth Interactive Marketing Association</ref>

Fossil has also been voted one of the Top 100 Best Companies to work for in the U.K in 2013 and 2015.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2016, Fossil won Fashion Tech Collection of the Year for their connected designer smartwatches and jewellery.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Their analog smartwatches and connected jewellery span across their licensed brands such as Diesel, Emporio Armani, Michael Kors, and Kate Spade.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

ReferencesEdit

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External linksEdit

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