Fossil: A round-up

First published: 14-08-2014

Fossil Watches has made the headlines recently for a number of exciting reasons, so here are a few of the biggest stories that have been reported in the media.

Armani contract extended

Fossil recently announced its intention to extend its global licensing agreement with Armani. 

This means the company will continue to make watches that bear the Italian fashion designer's label until 2023. 

The agreement was first signed between the two companies in 1997 to design, create and distribute timepieces. In 2002, jewellery was included, while watches under the Armani Exchange label came into being in 2008. Earlier this year, an exclusive collection for the Emporio Armani Swiss was brought into creation.

Chief executive officer (CEO) of Fossil Group Kosta Kartsotis said the firm was "very proud" of its history with the Armani Group and it was a delight to continue the collaboration. 

"This global licensing agreement will allow us to continue to leverage our strengths in design, innovation, production and global distribution to further grow the Armani brand and extensive line of timepieces," he added.

CEO at Giorgio Armani Livio Proli praised Fossil's ability to create inventive timepieces that mirror the style of Armani. 

Impressive Q2 results

The results for the second quarter of the year made for pleasing reading, as it transpired net sales rose ten per cent to $774 million (£464 million). 

Fossil reported that net sales of watches had leapt by 12 per cent, while jewellery increased even more (19 per cent). Net sales in all categories grew in this three-month period up until July 5th. 

Wholesale net sales took a hike of 13 per cent in Europe in this period, when compared to Q2 of fiscal 2013. The main reason for this was impressive growth in watches and jewellery. 

Mr Kartsotis commented that the firm as a whole was excited about what the second half of 2014 held and spoke of his desire to make the most of its competitive advantages. These include "our design and brand-building talent, compelling portfolio of brands, world-class supply chain and expansive global distribution network".

He added that he was expecting to deliver growth and "outstanding returns" for shareholders. 

All staff on a level playing field

Speaking to WatchPro, Fossil Group's managing director Helen Wood revealed some of the secrets behind the success of the corporation.

All parts of the group are treated fairly and Ms Wood praised the way all of the staff had worked together. A strategy is in place to ensure everybody is listened to and feels valued. 

"We all recognise that for us to drive the business from strength to strength we need the support, expertise and insights of each other," she commented. 

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