The Fossil Group first announced its intention to jump into the wearables market back in March. It promised a range of accessories and price points that would be offered under both its Fossil brand as well as licensed brands Michael Kors and Emporio Armani. Fossil CEO Kosta Kartsotis this week shed more light on the company’s plans during a conference hosted by Piper Jaffray.
According to Kartsotis, new Fossil watches will launch “with some added technology features” as early as the fourth quarter. More devices will then follow in 2016. Not surprisingly, he provided no specific details about what technologies could be added.
The devices will be designed to attract more millenials to the brand. “The watch industry is a $65 billion industry, and if you look at the tech industry, it’s trillions of dollars in consumer spending a year,” he explained. “If just a small percentage of that would come into our category, it will change the industry.”
Kartsotis also revealed that it will release wearables under the Michael Kors brand next year. He promised that these “could really turbocharge the entire industry” but did not explain how they would do so.
Source : The Street