Fossil Group expands board with new directors

RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ: FOSL), a global lifestyle accessories company with a current market capitalization of $67 million, has announced the upcoming appointment of Pamela Edwards and Wendy Schoppert to its Board of Directors. According to InvestingPro analysis, the company currently trades at an attractive revenue multiple, though it faces profitability challenges. Starting May 16, 2025, both appointees will join the Audit Committee, increasing the board’s size to ten members, of which nine are independent.

The chairman of the board, Kevin Mansell, expressed confidence in the new directors’ abilities to contribute to the company’s strategic goals. "Their proven leadership and board experience will be instrumental as we continue to advance our turnaround plan and focus on building long-term value for shareholders," Mansell stated.

Pamela Edwards, with her background in corporate finance and retail operations, has held leadership roles at companies like L Brands Inc., and has served on boards including The Azek Company and Citi Trends. She expressed her eagerness to contribute to Fossil’s growth and transformation.

Wendy Schoppert brings a wealth of experience from her time at Sleep Number Corporation and her current board positions at The ODP Corporation and DaVita Inc. She looks forward to supporting Fossil’s leadership team in refocusing on the core business and strengthening the balance sheet.

Fossil Group is known for its design and innovation in lifestyle accessories, with a portfolio that includes both owned and licensed brands, ranging from watches to sunglasses.

The company’s commitment to a turnaround plan highlights its focus on navigating through challenges that include economic conditions, consumer spending patterns, and competitive markets. These appointments are part of Fossil’s strategy to enhance its governance and oversight as it works towards long-term shareholder value.

The information in this article is based on a press release statement from Fossil Group, Inc.

In other recent news, Fossil Group Inc. reported its fourth-quarter 2024 earnings, revealing a net sales figure of $342 million, which marks an 18% decline in constant currency. Despite the decline in revenue, the company achieved a significant turnaround with an adjusted operating income of $20 million, compared to an $8 million loss in the previous year. This improvement was driven by strategic cost reductions and a focus on traditional watches, as Fossil exited the smartwatch business. The company’s gross margin expanded by 630 basis points to 53.9%, and it generated positive free cash flow of $30 million. Fossil’s liquidity stood at $177 million, with $124 million in cash and $53 million available under its credit facility. Looking ahead, the company anticipates a net sales decline in the mid-to-high teens for 2025 but expects to narrow its adjusted operating loss. Analyst firms have noted the company’s positive operational shifts, though future challenges remain in the competitive traditional watch market.

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