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Fossil watches get 'Buy' rating from stock market expert

First published: 03-09-2009

Fossil watches may not just be a good investment for people wanting a fashionable option for their wrist; they may be a company worth investing in, it has been reported.

Randall Konik of Jefferies & Co told Associated Press that Fossil watches will grow due to its wide range of products available, with the chain expanding from just timepieces to shoes, belts, bags and other accessories.

Mr Konik said: "Today the Fossil brand accounts for greater than 50 percent of sales and the watch category 67 percent of total. This is down significantly from only 10 years ago when Fossil watches was the entire business.

"The business model is well diversified with distribution across multiple channels around the world."

He added that Fossil has a $32 (£19.60) target - well up from its current level of $25.35 after morning trading yesterday, when the company jumped by 25 cents.

Last month, Fossil announced that it would be bringing its prestigious brand to Cannes at the upcoming Tax Free World Association's World Exhibition, creating a "unique" shopping space which will also showcase other offerings, such as Michael Kors watches and DKNY watches.

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