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RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ: NASDAQ:FOSL), a global design and innovation company, announced today that it has renewed its licensing agreement with Michael Kors. This extension ensures that Fossil Group will maintain the rights to design and distribute Michael Kors watches and jewelry until 2027. The announcement comes as Fossil’s stock shows significant momentum, with a 54% return over the past year, according to InvestingPro data.
The partnership, which has spanned over two decades, allows Fossil Group to continue leveraging its extensive global distribution network to market Michael Kors products. Both companies have expressed satisfaction with the ongoing relationship and the mutual benefits derived from their collaboration. InvestingPro analysis reveals that Fossil Group maintains a healthy liquidity position with a current ratio of 1.81, indicating strong ability to meet short-term obligations.
Franco Fogliato, CEO of Fossil Group, emphasized the value of the partnership, stating, "Our relationship with Michael Kors remains among our most valued licensed partnerships." John D. Idol, Chairman and CEO of Capri Holdings (NYSE:CPRI) Limited and CEO of Michael Kors, echoed this sentiment, noting the long-standing and valued partnership with Fossil Group. With annual revenue of $1.2 billion and a market capitalization of $86 million, Fossil Group continues to maintain a significant presence in the accessories market.
Fossil Group’s portfolio includes a mix of owned and licensed brands, with offerings that range from watches and jewelry to handbags and sunglasses. The company prides itself on delivering design and innovation across its brand stories, which are brought to life through a broad distribution network covering multiple geographies and channels.
Michael Kors, a leading designer of luxury accessories and ready-to-wear, has a significant global presence with stores in prestigious cities worldwide and a strong digital footprint in North America, Europe, and Asia, providing a comprehensive omni-channel experience for customers.
This strategic partnership is a testament to Fossil Group’s commitment to collaborating with renowned brands to create high-quality lifestyle accessories. According to InvestingPro’s Fair Value analysis, the stock currently appears undervalued, with a Financial Health Score rated as "FAIR." The extension of the licensing agreement is based on a press release statement from Fossil Group. For deeper insights into Fossil Group’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Fossil Group, Inc. has reported the departure of Jeffrey N. Boyer, their Chief Operating Officer. This move is part of the company’s "Transform and Grow" strategy, aiming to streamline operations and enhance efficiency. Boyer’s position has been eliminated, with his official exit slated for later this month, according to a recent SEC filing.
Boyer’s responsibilities will be absorbed by the current management team, and the company has not disclosed plans to appoint a new COO. His departure includes a severance package, in line with the company’s policies for termination of service without cause. These recent developments come as Fossil Group adjusts to changes in the retail landscape and consumer preferences.
This information is based on the latest 8-K filing with the Securities and Exchange Commission. As always, investors are encouraged to take note of these changes within the company as they consider their investment strategies.
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