|Traded as||NASDAQ: FOSL
S&P 500 Component
|Headquarters||Richardson, Texas, United States|
|Number of locations||364|
|Key people||Tom Kartsotis, Chairman
Kosta N. Kartsotis, CEO
Michael Barnes , COO
Dennis R. Secor , CFO
|Products||Watches, Jewelry, Clothing, Wallets,|
|Revenue||$1.0 billion USD (2005)|
Fossil, Inc. is an American designer and manufacturer of clothing and accessories, primarily watches and jewelry, but also sunglasses, wallets, handbags, belts, shoes and clothing, based in Richardson, Texas, United States. Their brands include Fossil, Relic, Abacus, Michele Watch, Skagen, and Zodiac Watches.
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. 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.
Zodiac was a Swiss brand that had been operating since 1882 when Fossil acquired it from Genender International in 2001 for $4.7 million. 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.
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.
Fossil has manufacturing facilities in China and Switzerland and distribution centers in Dallas, Germany, and Asia.
In 2012 Fossil, Inc. agreed to purchase Skagen Designs, Ltd. 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.
Fossil has 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 movement. Other licensed watch lines that Fossil designs, manufactures, and distributes include Burberry, DKNY, Emporio Armani, Armani Exchange, Columbia Sportswear, Diesel, Frank Gehry, Karl Lagerfeld, Michael Kors, Callaway Golf, Davis Cup, Marc Jacobs, Skagen Designs, Michele and Adidas. When referencing Fossil's watch lines, they are generally regarded as a "manufacturer"; Fossil also designs and manufacture their own movements under the Fossil Twist Line.
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 and The Matrix.
In 2006, Fossil teamed up with the National Football League in the United States to make the official watch collection for each team. Fossil also caters to special markets that seek to customize products.
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).
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