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RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ: FOSL), a global design and innovation company specializing in lifestyle accessories, announced today the appointment of Randy Greben as its new Chief Financial Officer, effective next Thursday. Greben will take over from Andrew Skobe, who has been serving as the Interim CFO. The appointment comes at a crucial time for Fossil, which currently has a market capitalization of $68 million and trades at an attractive Price/Book ratio of 0.42, according to InvestingPro data.
Greben’s role will involve steering the financial strategy of Fossil Group, with a focus on the company’s turnaround and transformation efforts. His extensive experience in financial leadership spans over 20 years, with a history of guiding consumer brands through various stages of growth and restructuring. The challenge ahead is significant, as InvestingPro data shows the company posted revenues of $1.22 billion in the last twelve months, with a significant revenue decline of 17.9%. Despite current challenges, InvestingPro analysis suggests the stock may be undervalued at current levels.
Previously, Greben held the position of Chief Financial and Operating Officer at Casper Sleep, Inc., where he played a key role in improving the company’s financial health and executing a sale of its Canada business. His prior roles include CFO and Treasurer at Blue Apron and CFO at ANN Inc., where he was instrumental in activating new business ventures for brands such as Ann Taylor and LOFT. Greben’s experience in financial restructuring could prove valuable, as Fossil maintains a current ratio of 1.81, indicating sufficient liquidity to meet short-term obligations.
Fossil Group’s CEO Franco Fogliato expressed enthusiasm for Greben’s appointment, highlighting his proven leadership skills and operational expertise, which are expected to contribute significantly to the company’s strategic objectives and enhance stakeholder value. For detailed analysis of Fossil’s financial health and growth prospects, investors can access comprehensive Pro Research Reports available exclusively on InvestingPro, which covers over 1,400 US stocks with expert insights and actionable intelligence.
Fossil Group is known for its diverse portfolio of owned and licensed brands, including Fossil, Michele, Relic, Skagen, Zodiac, as well as Armani Exchange, Diesel, Emporio Armani, kate spade new york, Michael Kors, Skechers, and Tory Burch. The company operates a vast distribution network that spans various geographies and channels, maintaining a gross profit margin of 50% despite challenging market conditions.
This leadership change comes as part of Fossil Group’s ongoing efforts to reinforce its executive team to support sustainable growth and profitability. The information regarding Randy Greben’s appointment is based on a press release statement from Fossil Group.
In other recent news, Fossil Group has extended its licensing agreement with Michael Kors until 2027. This renewal enables Fossil Group to continue designing and distributing Michael Kors watches and jewelry, maintaining a partnership that has lasted over two decades. Both companies have expressed satisfaction with the collaboration, emphasizing its mutual benefits. Additionally, Fossil Group announced the departure of its Chief Operating Officer, Jeffrey N. Boyer, as part of its "Transform and Grow" strategy. Boyer’s position has been eliminated, and his responsibilities will be absorbed by the current management team. This organizational change reflects Fossil Group’s efforts to streamline operations and improve efficiency. The departure of the COO comes with a severance package as per the company’s Executive Severance Agreement. These developments highlight Fossil Group’s ongoing strategic adjustments in response to the evolving retail landscape.
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