Exciting New Fossil Formation Found in Denmark
Richardson, Texas based Fossil, Inc. announced on January 10, 2012 that it plans to purchase privately-held fashion watchmaker Skagen Designs for $236.8 million in a cash and stock deal. Skagen, established in the 1980’s to sell fashion watches at reasonable prices, has become an international success by capitalizing on a new generation’s growing fascination with good design and clean, minimal styles. In a world where styles are being set by objects like the iPhone and personalities like Lady GaGa, “modern” is in.
According to Fossil chief executive Kosta Kartsotis, Skagen’s clean, modern styles “have enormous potential as a lifestyle brand.” The Skagen acquisition will give Fossil, which has its roots in vintage American style, a much broader base and will help to build up its wholesale and retail distribution chain. Fossil’s last big acquisition was in 2004, when the company bought luxury watchmaker Michele.
Watch industry insider and owner of the contemporary Johan Eric brand, Samuel Friedmann, sees even broader implications for Fossil’s purchase of the Skagen brand. According to Friedmann, the purchase is an affirmation of the growing importance of contemporary design in the world of fashion. Modern styles used to be a small niche market in the historically traditional watch industry, but these clean, minimal designs are now attracting a much wider audience.
Skagen watches are currently available at quality retailers like Bloomingdale’s, Macy’s, Nordstrom and many smaller stores, as well. Add a dozen Skagen company-owned stores, along with over 400 Fossil stores worldwide and the potential is not just good for the brand; it is good for the entire contemporary fashion category.
“Design esthetics are changing,” he says, “and it’s important for watch manufacturers to keep up with what is trending and be able to offer customers what they want. Fossil’s purchase of Skagen is not only good for Fossil; it is good for the industry and even more importantly; it is good for customers.”
About Gevril Group
Gevril Group, directed by company founder and long-time creative force in the watch business Samuel Friedmann, is the exclusive US representative for select European watch brands, distributing and servicing luxury, fashion and sports timepieces at a wide range of price points. Additionally, Gevril Group operates a full-service watch repair department staffed by master Swiss watchmakers.
Gevril Group is a regular participant at Baselworld and will be available at Baselworld 2012 to familiarize you with our many watch brands that will exhibit at the show. You can email us or call 845-425-9882.
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