Fossil set to acquire Skagen
Fashion accessories brand Fossil has entered into an agreement to acquire Skagen Designs.
In an announcement released by Fossil, the acquisition of Skagen Designs, which specialies in Danish design and manufactures, markets and distributes watches, jewellery, sunglasses and clocks, is subject to certain conditions including regulatory approval but is expected to be finalised in February 2012.
If it goes ahead, as well as acquiring Skagen Designs, Fossil will also gain some of its international affiliates for approximately $225 million in cash, subject to a working capital adjustment, and 150,000 shares of Fossil common stock. In addition, the sellers may receive up to 100,000 additional shares of Fossil common stock if Fossil’s net sales of Skagen-branded products exceed certain thresholds.
Skagen co-founder Charlotte Jorst said: “We have long admired Fossil and believe they will bring great passion and vision to our brand.”
Her co-founder Henrik Jorst added: “The opportunities for Skagen under the Fossil umbrella are endless and we look forward to building this wonderful brand.”
Fossil CEO Kosta Kartsotis commented: “It is a great privilege to join together with our Skagen colleagues to share their Danish design story with 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.”
Share
Have your say
You must sign in to make a comment.