Accessories company Fossil Inc. (Richardson, Tex.) will acquire Skagen Designs Ltd. for about $236.8 million in a cash and stock deal, reports Women’s Wear Daily.
Reno, Nev.-based Skagen Designs was founded in 1989 and specializes in modern Danish design, from watches and jewelry to sunglasses and clocks. The company sells its merchandise in 75 global markets, including company-owned stores in Germany, Denmark, the U.K., Hong Kong and the U.S.
“There’s so much opportunity for us. We’re so excited and it will supercharge our growth,” founder Charlotte Jorst told WWD.
Plans call for opening more retail stores, add handbags and clothing, working on the jewelry, and make the Skagen brand even larger, Jorst says.
Fossil, which distributes products in 120 countries, produces watches under such labels as Fossil, Relic, MW, MW Michelle, Mobilewear and Zodiac, and has licensing agreements for such brands as Michael Michael Kors, Marc by Marc Jacobs, Adidas, Burberry, Diesel, Emporio Armani and DKNY.