Company history
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 its initial public offering in 1993.[1][3]
Zodiac Watches was a Swiss brand that had been operating since 1882 when Fossil acquired it from Genender International in 2001 for $4.7 million.[4] 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.[5] The Watch Station International chain was purchased from Luxottica/Sunglass Hut in December 2007.[6][7]
Fossil has design studios in Biel, Switzerland, close to Rolex as well as manufacturing facilities in China and distribution centers in Dallas, Germany, and Asia.[8]
In 2012, Fossil, Inc. agreed to purchase Skagen Designs 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.[9][10]
In early 2013, Fossil introduced their upscale and more expensive "Fossil Swiss" line of watches which are made in Switzerland.[11][12]
In November 2015, Fossil acquired Misfit for $260 million, with plans to incorporate Misfit's technology into traditional-looking watches.[13]
In 2021, the company cut their number of employees from 10,200 to 7,500.[14]
In 2022, Fossil Group appointed Lisa Marie Pillette as Senior Vice President and Chief Marketing Officer.[15]
In January 2024, the company announced that it would leave the smartwatch business.[16]
In October 2025, as part of a restructuring plan in the UK, the company sought US recognition and placed its US business in Chapter 15 bankruptcy.[17]
