Fossil was founded in 1984 as Overseas Products International by Tom Kartsotis, a former Texas A&M University student living in Dallas from a suggestion by his older brother, Kosta Kartsotis, a merchandising executive at Sanger-Harris.
Place founded: Richardson
Founders: Tom Kartsotis
Subsidiary: Misfit
Fossil was founded in 1984 as Overseas Products International by Tom Kartsotis, a former Texas A&M University student living in Dallas from a suggestion by his older brother, Kosta Kartsotis, a merchandising executive at Sanger-Harris. Kosta told his younger brother about the potential large profits that could be made in importing retail goods made in the Far East, specifically in importing moderately-priced fashion watches.[1] Their main product was fashion watches with a retro look. In 1990, they introduced leather goods under the Fossil brand, and the Relic line of watches.
Fossil had its initial public offering in 1993.[1][8]
Zodiac Watches was a Swiss brand that had been operating since 1882 when Fossil acquired it from Genender International in 2001 for $4.7 million.[9] Fossil's desire to establish a Swiss presence led to the purchase of the Zodiac Watch brand and a complete retooling of that line to reflect a retro modern 1970s style in a higher end watch. The 2004 purchase of Michele Watch completed the cycle by offering a high-end Swiss watch with a designer flair.
In September 2007, Fossil was accused of infringing a patent owned by Financial Innovations Systems, LLC, in a lawsuit filed in the Northern District of Texas. The case was settled for an undisclosed amount and dismissed shortly thereafter.[10]
The Watch Station International chain was purchased from Luxottica/Sunglass Hut in December 2007.[11][12]
Fossil has design studios in Biel, Switzerland close to Rolex as well as manufacturing facilities in China and distribution centers in Dallas, Germany, and Asia.[13]
In 2012 Fossil, Inc. agreed to purchase Skagen Designs, Ltd. and some of its partners for approximately $225 million in cash and 150,000 Fossil shares. The total value paid by Fossil would be approximately $236.8 million.[14][15]
In early 2013, Fossil introduced their upscale and more expensive "Fossil Swiss" line of watches which are made in Switzerland.[16][17]
In November 2015, Fossil acquired Misfit for $260 million, with plans to incorporate Misfit's technology into traditional-looking watches.[18]
