Fossil to Close Some Stores, Reorganize
Fashion accessories maker and seller Fossil Group said last week that it's planning a multiyear overhaul of its business that includes closing some stores and focusing on fewer products. Fossil declined to say how many of its 610 stores in the U.S., Europe and Asia it plans to close. There are 284 Fossil stores in the U.S.
Total Retail’s Take: The reorganization sounds like a necessary move for Fossil, especially since it's designed to make the company more in line with how people are shopping with the brand. For example, online sales increased 50 percent in the third quarter for Fossil, while store sales declined 3 percent. What’s more, consumers today seem to want fewer and better products, thus the reduction in merchandise.
Melissa Campanelli is Editor-in-Chief of Total Retail. She is an industry veteran, having covered all aspects of retail, tech, digital, e-commerce, and marketing over the past 20 years. Melissa is also the co-founder of the Women in Retail Leadership Circle.