After the recent horrible earnings report and announcement of another 300mn USD to take out of the business, it is now clear Fossil management has run out of both ideas and capabilities. Needless to remember that this comes after NWF 1..0 , NWF 2.0 with all their iterations and the disastrous push into smartwatches which truly destroyed this company (well done Greg & Kosta).
Following the announcement that Capri and Tapestry will merge it is also very likely that Fossil will lose the Kors license and the end of this year, given: 1) Versace (Capri) is with Timex 2) Coach (Tapestry) is with Movado; 3) Kors has been underperforming with erratic performance and also also a drag from hideous smartwatches (well done again Greg). It makes no sense for a larger group now to keep all these licenses with three different partners and, of the three, Fossil is clearly the weakest link.
With these prospects i think the only way out and also the only way to preserve what has been built for better or worse over the last 40 years, is for Kosta to agree to get out (no internal successor either and years have gone by quickly) and sign off a sale to Movado/Timex or merger. It would make sense regardless in a consumer market where small brands on their own continue to struggle.
Alternatively I only see a continuous bleeding until extinction and maybe a private equity take over which surely would eventually be the last nail in the coffin.