Fossil Commits to Tech Push Amid Expected Smartwatch Surge
Technology will play a major role in Fossil turnaround efforts, after the company’s first earnings-per-share decline in a decade, said CEO Kosta Kartsotis on a Q4 earnings call. Adding chips to watches “in all brands” will provide additional functionality for…
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differentiation and make the watch category more relevant to a demographic that hasn't worn watches because they grew up with smartphones, Kartsotis said. Also Tuesday, Chief Strategy Officer Greg McKelvey cited a “significant expansion" in the number of brands that will be launched across Fossil’s connected lineup of trackers, “smarter” watches with integrated technology and smartwatches. Last year, wearables generated $10 billion to $15 billion revenue industrywide. They're expected to generate $45 billion revenue by 2019, said Kartsotis.