FOSSIL news and archive

Fossil Group's third quarter net sales decline by 16 percent

Third quarter worldwide net sales at Fossil Group decreased to 288 million dollars, down 16 percent on both a reported and constant currency basis. Adjusted EBITDA was negative 12.3 million dollars or negative 4.3 percent of net sales, while net loss totalled 32 million dollars or per diluted share loss of 60 cents. Adjusted net loss for the...

Report

Fossil sales continue decrease despite transformation plan ‘progress’

Fossil Group has outlined its results for the second quarter ended June 29, 2024, a period in which the lifestyle brand has continued to carry out a transformation plan and strategic review contributing to results that fell in line with expectations, according to interim CEO, Jeffrey Boyer. In a press release, Boyer said the “strong execution”...

Retail

Fossil opens flagship in Louvre Passage

Fossil has opened a new flagship store in the French capital to coincide with the Olympic Games in Paris. The new store of the US accessories supplier is located in the underground shopping arcade Carrousel du Louvre, which provides direct access to the famous art museum, Fossil announced on Tuesday. There, Fossil offers its jewelry such as...

Report

Fossil Group appoints interim CFO amid business review

Fossil Group has announced that its current chief financial officer, Sunil Doshi, will be stepping down from the helm position to be succeeded by Andrew Skobe, who is to take on the role in an interim capacity. Doshi, who is leaving the company “for another opportunity”, will remain with Fossil until July 19, 2024, to ensure a smooth transition,...

People

Fossil Group appoints two new members to board

Fossil Group has announced two new independent director appointments to its board as part of an ongoing “refreshment and governance excellence” strategy. Eugene Davis, who will also serve as a member of the Audit Committee, has experiences on the boards of a number of firms in various industries and has managed, restructured and liquidated...

ManagementFeatured

Fossil Group CEO steps down as strategic review launches

The chief executive officer of Fossil Group, Kosta N. Kartsotis, has stepped down from his position alongside the launch of strategic review for the company after its net sales for the full financial year dropped by 16 percent. Stepping into Kartsotis’ place will be chief operating officer, Jeffrey N. Boyer, who has been appointed interim CEO,...

Retail

Fossil partners with Tangiblee for cross-category, virtual try-on experience

Lifestyle and accessories brand Fossil has partnered with 3D and augmented reality (AR) platform Tangiblee to offer its customers a cross-category, stackable virtual try-on experience. One of the first within the watch and accessories segment to implement the immersive shopping and AR solution, US customers can now visit Fossil.com and virtually...

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Fossil posts Q3 loss, announces cost reduction plan

Fossil Group, Inc. third quarter worldwide net sales totalled 344 million dollars, down 21 percent. The company is implementing its Transform and Grow (TAG) Plan designed to reduce operating expenses, improve operating margins and advance its commitment to profitable growth. The company said that the plan is expected to generate approximately...

Fashion Featured

Watch brand Fossil rebrands to reach “next generation” of consumers

Watch and accessories brand and retailer Fossil is rebranding with a new brand identity that celebrates its nearly 40-year heritage as it looks to usher in a “new era” of the brand to connect with the next generation of consumers. The rebrand is a complete overhaul of Fossil’s branding across all touchpoints and aims to offer a modernised brand...

ManagementFeatured

Fossil posts Q2 sales drop of 13 percent, lowers outlook

Fossil Group, Inc. reported second quarter worldwide net sales totalled 322 million dollars, decreasing 13 percent. The company is downgrading its guidance for the full year 2023 to reflect results from the second quarter, continued declines in the wholesale channels in the Americas and Europe and a more gradual sales recovery in China than...

Report

Fossil Group sees 14 percent decline in net sales for Q1

Fossil Group has announced its financials for Q1 ended April 1, where it experienced a global net sales decline of 14 percent to 325 million dollars. The loss was largely driven by wholesale channels, which saw net sales fall 20 percent, while direct-to-consumer sales were up 8 percent, with a comparable retail sales growth of 13 percent. The...

Business

Fossil Group publishes 2021 Corporate Sustainability Report

Fossil Group has published its 2021 Corporate Sustainability Report outlining the company’s commitments and progress on environmental, social and governance (ESG) initiatives. It comes as the group, which owns the likes of Relic, Misfit and Fossil, continues to broaden its corporate responsibility through its framework, Make Time for Good. As...