TRUE..As most know they just bought SKAGEN Watch company which does 250 million a year. Former owners who will still be at the company say that FOSSIL can double or triple revenues of just SKAGEN.If that comes to pass, SKAGEN alone will be up to a 3/4 of a billion dollar year company
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Tuesday, Fossil Incorporated announced plans to buy Skagen Designs Ltd. for a reported $236 million. A deal that will give Skagen tremendous backing.
"Going from 60 countries to 120 for example - we'll be able to get our jewelry out in many more retailers we'll do handbags, shoes, clothes everything with the Skagen name. They'll make it a much bigger company!" says Charlotte Jorst, who owns Skagen.
Jorst and her husband own Skagen Designs Ltd. which has been based here in Northern Nevada for 12 years now.
In fact, Skagen has grown by 80% since 2008.
She says the two companies - Skagen and Fossil - have admired each other for years and will work very well together. They've been working on this deal for about a year now.
The biggest change will be that Skagen will become publicly traded which she says is a win for everyone. "This will be insanely phenomenal! We'll double...triple in size. It'll be wonderful!
Now as with all deals it's subject to final approval which could take 40 days.
And here's the other good news - they love Northern Nevada so she says they have no plans of moving no matter how big the company gets.