Skagen Denmark

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Skagen Denmark
Type Publicly owned, part of Fossil, Group Inc. (NASDAQ: FOSL)
Founded 1989
Headquarters Dallas, Texas, USA (HQ), Hong Kong (Asia Pacific HQ) and Albertslund, Denmark (Europe HQ)
Key people
  • Jennifer Pritchard (President)
  • Nate Payne (Sr. DMM)
Products Wristwatches, handbags, jewelry, and other personal durable goods
Website skagen.com
Wristwatches from Skagen Denmark

Skagen Denmark (formerly Skagen Designs Ltd.) is an American contemporary accessories brand, in particular, a wristwatch brand based in Dallas, Texas, United States,[1]. Among its product line items there are watches, handbags, jewelry and other durable personal goods. In 2012, Fossil Inc. purchased the company. Fossil Inc. is publicly traded on the NASDAQ stock market in New York City.

Skagen Denmark's stated corporate aim is to "bring Danish-inspired ideals to the world through design imbued with purpose, honesty and simplicity."[citation needed]

Company History[edit]

The company was founded in 1989[1] by Henrik and Charlotte Jorst,[2] who had moved from Denmark to New York in 1986, when Henrik Jorst was appointed U.S. sales manager for Danish brewery Carlsberg.[3] In 1989 the couple decided to establish their own business, as U.S. representatives for a Danish manufacturer of corporate branded business gift watches and for exclusive Jacob Jensen designer watches.[3]

Having found a Danish-owned clock and watch manufacturer, Comtech Watches, that could manufacture watches at a lower price through its factory in Hong Kong, the Jorsts designed a few corporate watches of their own, which they showed at a corporate gift fair in New York 1991. However, at the fair they were encouraged by several retailers to market the watches under their own brand instead of chasing the corporate gift market. Thus the brand Skagen Denmark was born,[3] taking its name from the Danish fishing village of Skagen. The company logo symbolizes the meeting of the Skagerak and the Kattegat sea bodies of water at Skagen, the northernmost settlement of Denmark and a fishing port.

Company development[edit]

  • In 1992 – the first year they sell watches under their own brand name – the Jorst's company has a turnover of USD 800,000.[3]
  • In 1993 the couple moves from New York to Nevada, still running their company from their home and without any help.[3]
  • In 1995 New York department store Bloomingdale's agreed to sell their watches on trial.[3]
  • In 1998 Skagen Design is listed as one of the 250 fastest-growing privately owned companies in the US. Turnover has increased to almost US$30 million and an office is opened in Denmark to handle European distribution. 80 stores in Denmark begin selling Skagen watches.[3]
  • In 1999 the number of employees approaches 100. Distribution begins in the United Kingdom, followed by Germany and the Netherlands in 2000.[3]
  • In 2002 and 2003 the company expands into more European countries, as well as the Middle East.[3]
  • In 2005 the head of sales and product development, Scott Szybala, is appointed president and takes over the daily running of the company, allowing owners Charlotte and Henrik Jorst to concentrate on product development and design. Turnover has increased to US$70 million.[3]
  • In 2007 the company moves into the growing Asian market, establishing an office in Hong Kong.[4]
  • In 2009 Steen Albrechtslund, previously the company's Asia Pacific manager, is appointed Group Managing Director Worldwide, in charge of all three headquarters (US, Denmark and Asia Pacific).[4]
  • In 2010 the company starts online stores both in the US and Europe.[5]
  • In 2011 Skagen Asia Pacific launched online stores for Australia, Hong Kong and Singapore markets.
  • 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.[6]

References[edit]

  1. ^ a b Blomberg BusinessWeek: Skagen Designs Retrieved 2011-02-10
  2. ^ "About Skagen Designs". Retrieved 2011-02-09. 
  3. ^ a b c d e f g h i j Business case study of Skagen Designs – Pearson Education Retrieved 2011-02-10
  4. ^ a b Company press release March 2009 Retrieved 2011-02-10
  5. ^ Company press release February 2010 Retrieved 10/02/2011
  6. ^ Yahoo! Finance Zacks January 2012 Retrieved 01/11/2012

External links[edit]