Fossil Group Announces Strategic Review of its Current Business Model and Capital Structure
March 13, 2024
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Fossil Group, Inc. (NasdaqGS:FOSL) on March 13, 2024 announced a strategic review of its current business model and capital structure. This includes efforts to optimize its business model through additional changes to its operations, as well as further structural cost reductions, which are under consideration. The company anticipates this effort will expand on its current TAG Plan and could include additional debt and equity financing options, including monetization of various assets to strengthen its balance sheet.
The company has retained Evercore Inc. (NYSE:EVR) to act as its financial advisor. The company remains on track with its TAG Plan, which was announced in March 2023 and is designed to reduce operating expenses, improve operating margins and advance the company's commitment to profitable growth.
Fossil Group, Inc. is a design, marketing and distribution company that specializes in consumer fashion accessories. The Companyâs principal offerings include a line of men's and women's fashion traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. Its segments include Americas, Europe and Asia. The Americas is comprised of sales from its operations in the United States, Canada and Latin America. Europe segment is comprised of sales to customers based in European countries, the Middle East and Africa. Asia segment is comprised of sales to customers based in Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. The Company's owned brands include FOSSIL, SKAGEN, MICHELE, RELIC and ZODIAC and licensed brands ARMANI EXCHANGE, DIESEL, DKNY, EMPORIO ARMANI, KATE SPADE NEW YORK, MICHAEL KORS, and TORY BURCH. Its products are distributed through wholesale, retail stores, commercial Website, and others.
FOSSIL GROUP, INC. 
