With the way this company is managed and run, it seems to me that anybody would be able to do so and that it doesn't require any knowledge or skills at all.
Not listening to what employees think, caring about them minimally, putting them under extreme pressure and stress, having no vision or strategy, being completely detached from reality - just about anyone can do that. I am sure that an ordinary man with a little will could run this company better.
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Fossil has never returned value to its shareholders. Never offered a dividend and any stock buybacks were cut short. It’s never used excess or financing capital properly during growth years either to acquire talent or intellectual property. It’s never managed talent well and retained it (building a reputation that hurts it to this day). Any acquisitions at this point have been a net loss over the premium paid considering what they’ve returned. Could have had cheaper and better acquisitions if it made big bets early in the smartwatch market cycle, it used the cash to buy traditional watch brands instead. The company is replete with brown nose hustlers living off of a socially awkward guy, it’s no wonder the culture is unbearable. If it never returned value to shareholders it will never return value use to employees.
Well this took a turn, didn’t it?
Adele
Bye
Simple math: we will make 2bn $ at best in sales in this new world. Take a 50% gross margin and that leaves you with 1bn $. We have been spending more than this for salaries, marketing and stores for the past few years but it didn't use to be this way. Have a look at the numbers from early 2010's. We had more revenue with operating costs in the 700-800mn level...of course the company needs to close stores, cut people, downsize HQ etc. ...It just doesn't add up unless revenue return to grow...but how do you grow if nobody is going to the stores, the product is not that exceptional (and has never been) and competition has intensified tremendously?! This may not be the best management but it is doing what needs to be done.
@1jcf+1900nimS...EXACTLY!
My sincerest apologies for my assumption that you were the poster. I agree with them as well as you, it's just the delivery was off-putting at best. People are just trying to survive the best way possible...everyone's situation may not be as rosey.
@1svy+1900nimS I’m not the leave poster, but I agree with the advice. The delivery, however, was cruel. Had a “kick em while they’re down” air to it, so I couldn’t help adding my two cents to frame it positively.
@1aoc+1900nimS Well that's a better way to Communicate it....all in all I agree....however, your initial presentation of it was negative in nature.
It’s not rude to indicate a person just leave. It’s good advice to someone who has lost faith in their employer. At what point did we all forget we have the freedom to walk away? I regret feeling like I couldn’t and then just staying in a situation I didn’t believe in for longer than I should’ve. It didn’t make me a better employee. It made me a bitter one. And having to do quality work when you feel like that is hard enough, let alone doing it in a down retail environment.
If you come to realize it’s no longer a fit, put things in motion to make the clean break. I get that it feels personal, bc companies drill into our heads things like engagement and corporate family and culture to get us to swear fealty. So we get angry when the curtain is pulled back and it’s not reciprocated. So yes, leave. Do it for yourself.
@Adele Fossil has been trying to survive since 2013. ...hence, 'excessive turnover', 'excessive Director salaries' ,'excessive lack of talent', 'excessive non-essential promotions due to favoritism'...should I go on....
So very rude to indicate a person just leave. Indicative of the EXACT attitude that resides at Fossil. If MOST of you would get your act together...mainly at CORPORATE...and I'm not speaking only about management!!! Maybe....just maybe you can create a favorable work environment where people like to come in and see and interact with ALL of their co-workers and this be more productive and able to turn the company around.
I said it a million times, Fossil needs to clean house and unfortunately although I agree management is a BIG part of the problem, you have a BIGGER problem with some of the Richardson based lower level employees you chose to keep...you always have!! Learn to weed out the problematic non-productive daily complainers when the problem arises and stop turning a blind eye to the :reliable snitches" in your midst!
Leave
So why don't you? Or leave, set up your own company and run it? Fossil is trying to survive in exceptionally challenging market conditions...there were mistakes along the way for sure but relatively little to work with. Too many stores, excessive SKUs , expensive acquisitions, limited pricing power can't all be blamed on management as they were working perfectly fine until 2015.