The Australian arm of a global retail chain will officially welcome a renowned, international accessory brand to its portfolio today, following a swift acquisition.
Fossil, Inc., which operates as Fossil Australia locally, officially acquired Dutch accessories house Skagen Designs on April 2012 at a global level, but will only begin the Australian and New Zealand activation from this month.
Effective as of September 2012, Fossil Australia will welcome the brand to its stable and assume full support of all existing Skagen accounts in Australia and New Zealand.
Fossil Australia currently boasts approximately 400 stockists in Australia and New Zealand including David Jones and Angus & Coote.
The company will also hold an official launch to herald the takeover, tonight at the Museum of Contemporary Art in Sydney's Circular Quay district.
Commenting in the acquisition, Fossil CEO Kosta Kartsotis that while the decision to acquire the Skagen brand was made on a global level, he sees “enormous potential” for the lifestyle brand to flourish in each individual market.
Fossil Australia managing director Ives Palmer added that Australia's niche market further accentuates the opportunity for the brand here.
“There is tremendous opportunity in the lifestyle watch category and we see Skagen being a distinctive brand with their Danish design story,” he said.
“Our focus and philosophy at Fossil is to ensure that each brand has a story to tell at point of sale. We achieve this with great product, focused distribution, clear assortments and consistent presentation. These strategies will enable us to grow Skagen to its full potential.”
Nurturing successful brands in the industry is familiar territory for Fossil Australia, which also deals with diverse and world-class brands, including DKNY, Michael Kors and Marc by Marc Jacobs.
Palmer also said the Skagen brand would benefit on a local level from the company's international brand experience.
“It certainly is a significant event for the Fossil team in Australia and New Zealand and we are excited to help nurture this distinctive brand in our market.
“With our dedicated teams and extensive experience with managing globally renowned brands, we are confident in the growth ahead for Skagen amid the Fossil family.”
According to Kartsotis, the company has no immediate plans to significantly grow the distribution of Skagen in Australia, but rather will look to offer “local experience and global knowledge” to support the Skagen brand with the transition.