Global brand Fossil has bought Skagen, finalising the deal in February
Online PR News – 23-April-2012 – Birmingham – Fossil, the world-famous brand stocked by on-line jewellery retailer The Jewel Hut, has announced it is to buy Skagen.
Fossil has entered into an agreement to acquire Skagen Designs Ltd for approximately $225 million, and the deal was finalised in February 2012.
Fossil is a global brand, renowned for its creative approach and innovative design within fashion, lifestyle and accessory products. Its distinctive vintage-inspired designs are popular world-wide, with over 390 stores around the world.
‘Skagen is unique and has enormous potential as a lifestyle brand. We see many similarities in the history and values of our two companies and look forward to creating something greater together’ Fossil Chief Executive Officer Kosta Kartsotis said.
Skagen Designs could also receive up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products exceed certain thresholds, it added.
Skagen Designs, based in Reno, Nevada, markets and distributes watches, jewellery, sunglasses and clocks. Its co-founder, Charlotte Jorst, said ‘We have long admired Fossil and believe they will bring great passion and vision to our brand.’
Fossil has been a long-time featured brand at the Jewel Hut, an authorised dealer of an extensive array of designer jewellery brands.
For more information on Fossil, visit the Jewel Hut at http://www.thejewelhut.co.uk.