Fossil Group appoints Laks Lakshmanan as chief supply chain officer

RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ:FOSL), a $85 million market cap lifestyle accessories company currently rated ’Fair’ by InvestingPro, has appointed Laks Lakshmanan to the newly created position of Chief Supply Chain Officer, effective June 16, 2025, according to a company press release.

Lakshmanan, who brings more than 20 years of supply chain leadership experience, will lead Fossil’s global end-to-end supply chain operations from manufacturing and sourcing to distribution and logistics across all brands and regions. He will also oversee the company’s Global Business Services operations in Bengaluru, India.

Prior to this appointment, Lakshmanan served as Managing Director at Alvarez & Marsal within the firm’s Consumer and Retail Group. For the past two years, he worked with Fossil as interim Head of Supply Chain, helping reshape the company’s distribution strategy and improving manufacturing responsiveness and cost structure.

"As we continue to execute our plan, building a high-performing, diverse leadership team remains a top priority," said Franco Fogliato, Chief Executive Officer of Fossil Group.

Lakshmanan’s previous experience includes roles as Principal in the Strategic Operations practice at Kearney and Group Manager of Distribution and Transportation at Target.

Fossil Group designs, markets, distributes and innovates lifestyle accessories under owned brands including Fossil, Michele, Relic, Skagen and Zodiac, as well as licensed brands such as Armani Exchange, Diesel, Emporio Armani, kate spade new york, Michael Kors and Tory Burch.

In other recent news, Fossil Group reported its first-quarter 2025 earnings, revealing a 6% decline in net sales in constant currency, with revenue totaling $239 million. Despite the revenue drop, the company managed to expand its gross margin significantly by 880 basis points to 61.1% and turned its adjusted operating income positive, reaching $10 million. The earnings per share for the quarter stood at -$0.33. Additionally, Fossil announced plans to close 50 more stores in 2025 as part of its ongoing restructuring efforts.

In another development, Maxim Group initiated coverage on Fossil with a Buy rating, citing the company’s early-stage turnaround strategy and setting a price target of $5.00. The firm highlighted Fossil’s efforts to refocus on core analog watches, reduce expenses, and strengthen its balance sheet. Maxim Group projects that Fossil’s sales will reach their lowest point in 2026 before returning to growth in 2027. As of March 31, 2025, Fossil reported $78.3 million in cash and $179.5 million in debt, including $150 million in senior notes due in November 2026. Maxim Group noted that a capital raise might be necessary to address the maturing debt.

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