Fossil, Inc.
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| Type | Public (NASDAQ: FOSL) |
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| Industry | Recreational Goods |
| Founded | 1984 |
| Founder(s) | Tom Kartsotis [1] |
| Headquarters | Richardson, Texas, United States |
| Number of locations | 364 [2] |
| Key people | Tom Kartsotis, Chairman Kosta N. Kartsotis, CEO Michael Barnes , COO |
| Products | Watches, Jewelry, Clothing, Wallets, |
| Revenue |  $1.0 billion USD (2005)[3] |
| Employees | 10,500 (2010)[4] |
| Website | www.fossil.com |
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Fossil, Inc. (NASDAQ: FOSL) is a 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, Burberry, Emporio Armani, Michele Watch and Zodiac Watches.
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[edit] Company history
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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.[1] 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 an IPO (Initial public offering) in 1993.[1]
Zodiac was a Swiss brand that had been operating since 1882 when Fossil acquired it from Genender International in 2001 for $4.7 million.[5] 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.[6]
Fossil has manufacturing facilities in China and Switzerland and distribution centers in Dallas, Germany, and Asia.[7]
[edit] License business
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, Michael Kors, Callaway Golf, Davis Cup, Marc Jacobs 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.[8]
[edit] Special products
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" and Disney's "Cars".
The company released Wrist PDA which is a tiny Palm OS-based PDA worn like a watch. In 2006, Fossil released a Caller ID watch.[9] Also in 2006, Fossil teamed up with the NFL to make the official watch collection for each team.[10] Fossil also caters to special markets that seek to customize products.[11]
[edit] Awards
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).[12]
[edit] About management
Two brothers, Tom Kartsotis and Kosta Kartsotis, own approximately 30% of Fossil stock. The company name represents the nickname the brothers had for their father.[13]
[edit] References
- ^ a b c "Fossil Company History", Funding Universe
- ^ Fossil 2010 Annual Report
- ^ "Fossil, Inc. Reports Fourth Quarter and Fiscal 2005 Results" (Press release). Fossil, Inc.. 2006-02-21. http://www.fossil.com/jump.jsp?itemID=2014&itemType=CATEGORY&link=2005q4.
- ^ "Profile: Fossil", Hoover's
- ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 : For the quarterly period ended: October 6, 2001"
- ^ "Docket: Defendant: Fossil Inc"
- ^ Halkias, Maria, "Fossil watches empire grow: Popular company marks 20th year", The Dallas Morning News, January 8, 2005
- ^ FOSSIL Watches, Handbags, Wallets & Clothing: About
- ^ Segan, Sascha, "Fossil To Sell Caller ID Watch", PC Magazine, September 28, 2006
- ^ "Fossil to make NFL watch". 2006-10-04. http://dallas.bizjournals.com/dallas/stories/2006/10/02/daily29.html.
- ^ "Fossil Special Markets Division", Fossil corporate
- ^ "Excellence in Interactive Marketing Awards (EIMA)", DFW Dallas-Fort Worth Interactive Marketing Association
- ^ Wrist-Top Revolution
[edit] Further reading
- "50 WEALTHIEST GREEKS IN AMERICA: 26 -- KOSTA & TOM KARTSOTIS -- $400 MILLION -- WATCHES & LEATHER ACCESSORIES", The National Herald, February 19, 2011
- Strandberg, Keith W., "Fossil, the Great American Watch Company", Europa Star, 3 February 2005
