There is a lot of complaining and frustration on this board which is partly understandable but I would like to take a different view...it is a miracle that with the size and bloat we got to a few years ago, then supported by much higher sales pre Apple watch and retail Armageddon, Fossil has been able to SURVIVE...and for that some credit is due to Kosta...Misfit was a very bad idea, sure, with hindsight though...things are still very challenging , the economy is bad, inflation is up etc., But the business has somewhat stabilized, the Smartwatch wave is waning and the product is going back to the roots. some of the recent hire in marketing, product, digital and branding have been good and signal a change for the better...the company needs to return to solid and sustained profitability and this may mean more store closures and more headcount reductions but in my view the worse is behind us and I am hopeful.
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Oh come off of it...that place....specifically the Richardson office was plagued with bad management, horrible co-workers, bad decisions. The environment will always dictate the outcome!
same has been said for years of layoffs. how much money can fossil continue to lose. “it is what it is”. how about no more spending and investing in a category that Fossil will never win and invest into to the bread and butter. making exceptional traditional watches and honest leather goods. none of this cutting cost cr-p to make up for wearables loss. all the other categories are suffering.
Similar excuses have been with us for many years.
Fossil was a financial healthy company prior to the arrival of our late chief strategy officer.
Overexpansion in own store was possibly our first mistake.
CD (&Misfit acquistion) was possibly the most costly strategical mistake.
Ignorance of product design, surrender to competitors was the deadly mistake.
Late to digital was a management mistake, though catching up with new leadership.
A debt-ridden company chase after every penny.
NWF enabled the rise of territoriality, that ki-led trust, morale and productivity.
Constant layoff are one of usual act to cut OPEX.
A company with good strategy would WIN, despite market changes, geopolitical tensions, COVID and recession. Real restructuring is not a sin given a good strategy to rebuild, then compete and ultimately WIN again.
Sincerely we are hoping the worse is behind us too.
‘It Is What It Is!’ … is what they will tell us when they give us our pitiful raise/bonus…if they even give us anything!
Hope you're right and hope your job is safe!