European countries impose new lockdowns in November. Not essential retail stores in France, UK, Benelux will be closed at least until December. Germany and other countries with surging cases put in place more restrictions and will be evaluating situation every 10 days.
New layoffs at Fossil are inevitable. Be ready and know that it's coming. All hope's for Black Friday sales and Holiday business are now gone. If there is a new outbreak in China - Fossil may not survive.
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Founder CEO business models only work when the person is charismatic, unafraid to show their face, and proud of their business. How do you turn this around, you say? Get a new CEO. Market signaling may be a short term boost, but it’s something investors will take serious especially if it’s an outsider.
Change the name of the company. Figure out a new business model.
They can also pay down debt, let leases expire and fulfill lease and license obligations, get out of lagging accessories and license deals. Grow the capital base and invest in buying watch movement factories and component suppliers. The company has no purchasing power because watch movement companies have closed their doors to Fossil. Perhaps if they actually love the watch business they can figures this out and re-enter in a competitive position and entirely new business.
They can also be honest and admit that they’re winding down the business using any and all methods to incur minimal liabilities, all while padding your own pockets on the way there. Don’t let them off easy, if they respect you they’ll offer you severance.
@2fyx+17HdkVBT
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Doesn’t it just seem like a slap in the face that this site is constantly funded by ads for some other company’s watches😂
No company will acquire Fossil. Investors are interested in acquiring innovative businesses that can give 10-20x returns.
Traditional fashion watches is an old school category, no serious investor will be interested. Will my kids be wearing analogue fashion watches when they grow up? I am sure they won't. Premium watches like Rolex and collectables are a different story.
Fossil is not a tech company either.
LVMH acquire Tiffany as it was a growing business before pandemic playing in premium diamond, gold, platinum segment and diamonds are forever, as we know.
All of us know very well the expenses Fossil need to cut is most of the members from the new team.
Once Kosta see and accept the problem is from these clowns is when the company can have a new future. Meanwhile, the ship is just sinking...who knows if Fossil can survive 2021..
I am guessing that last post was sarcasm. I think we all agree Fossil is in dire straights. Operational expenses have been cut to the bone. There can no longer be operational cuts in my opinion. Face the music and close all stores, renegotiate all leases in an effort to close stores. Go into hibernation mode and rethink growth. Don't try to innovate, don't try to grow. Batten down the hatchets and just try to survive. It is either that or go bankrupt and hopefully an Angel investor will buy Fossil without its debt obligations.
So sad... very sad. I am shaking my head now as I write this.
ID: @1kib+17HdkVBT
Ecomm won't make up for closed stores sales, not even closely. Fs.com was up 100 % during previose lockdown months(open source), it's better than nothing. All ecomm businesses were up at least by 100% as there was simply no other option to shop. Add crazy promos to it.
There are portfolio brands where there is no DTC business. Watch stations.com is a US thing only, as far as I know. It doesn't exist in EU.
Think of supply chain and logistics too.
Households spendings dropped drastically this year and it's unlikely people will start buying watches.
Not sure Fossil can can count on online selling either to make up for stores closing during crucial retail holidays - Fossil’s customer service and support has gone down the drain ever since it has been outsourced! Just look at customers reaching out for help on Fossil’s social media posts!
Fossil taking weeks to issue refunds on unfulfilled/cancelled orders! Great way to run off your loyal customers!
Thank god they have a Senior Leadership Team in place to tackle this...just in time!!!