Parent Company

Fossil Inc

 

Tagline

What vintage are you

 

Description/About

Fossil is an American watch and lifestyle company, creatively rooted in authentic vintage and classic design. We strive to create high-quality watches, bags, jewelry, and more that preserve the best of the past while updating it for today. When the clean lines of the mid-century meet the modern looks of today, the result is key items that represent the best of what we stand for: bags that pair portability with streamlined design, traditional watches created in fresh hues and materials, and timeless clothes and accessories that accompany you wherever you Lare traveling.

 

Company’s Aim

WATCH(ING) FOR GREAT LOOKS

Our eye-catching men's watches and women's watches come stylishly strapped with leather or merry metallic bands, while our must-have bags pair fashion and for her and handsome Swiss watches for their functionality. Lovely rose gold-tone watches day to night with ease.

retain all the qualities you love the most in a classic Fossil. Pair them with our covetable cuffs, sparkling studs, or glamorous necklaces for a look that goes from

 

STYLE FOR MEN AND WOMEN? IT'S IN THE BAG

Designed to only get better with age, our perfectly portable bags and purses feature easy-to-carry silhouettes and long-lasting materials to help you tote your tech, news, and small accessories without compromising on style. Our signature leather in new neutrals and vibrant hues captures the richness of each season while showcasing the clean lines of our iconic designs. Tech cases, wallets, belts, and gifts are playful and practical accessories that you'll carry for years. From classic bags to traditional-with-a-twist watches to small accessories and more, our collections are created to assure your destination will be a celebration.

 

Location

Worldwide

 

Category

Apparel and Accessories

 

Sector

Lifestyle and Retail

 

Unique Selling Proposition

Fossil reaches its customers through a diversified range of well-known propriety and licensed brands like Dkny, Burberry, Diesel

 

Competitors

• ​​Guess

• Coach

• Swatch

 

Mission Statement

The Fossil Group of Companies is dedicated to our clients' successes by providing innovative solutions, designing and safely constructing the highest quality facilities on schedule and with integrity, leadership, and skill. Our clients' successes are our successes.

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STP Concept

Segment

• Fashion-conscious men and women across the world

Target group

• Men and Women in the young age group from upper-middle and upper class

Positioning

• Vintage and luxury brand for apparel and accessories

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4P Marketing Mix

Product Strategy:

Fossil is a fashion house that specialises in watches, as well as accessories and clothes. Watches, leather goods, shoes, sunglasses, and clothes are all part of their marketing mix product line. The Fossil group includes several brands including as Fossil, Relic, Abacus, Skagen Denmark, Misfit, and Zodiac Watches, as well as partnerships with well-known brands such as Skechers, Emporio Armani, Chaps, Diesel, Kate Spade New York, Michael Kors, Marc Jacobs, DKNY, Tory Burch, WSI, BMW, and Puma. Fossil watches were originally presented in 1985, and in 1992, they expanded into the accessories market. One of their flagship products, the Big Tic, is a hybrid analog/digital watch that debuted in 1998.

Later, it launched an extensive clothing and denim collection that was only available in their stores and on their website. Fossil began its jewellery line in the United States in 2007. Fossil Swiss watches, which are among their most high-end luxury watches that are exclusively made in Switzerland, were introduced in 2013.

 

Pricing Strategy

Below is the pricing strategy in Fossil marketing strategy:

Fine watches (prices range from $150 to $20,000), premium-branded and designer watches (prices range from $40 to $149), modern fashion watches (prices range from $40 to $149), and mass market watches (prices range from $5 to $39) are the four categories in which Fossil classifies its watches.

In comparison to its competitors, brands like Fossil, Michael Kors, and Tory Burch concentrate their items in the mid-priced category. Watches are not only used as timepieces by millennials, but also as fashion items. As a result, the mid-price sectors appeal to them more because they can purchase multiple watches in various styles.

 

Place & Distribution Strategy

Fossil follows a diversified distribution network. Department stores, specialty retail locations, watch and jewellery stores, retail and factory store outlets, mass market stores, ecommerce platforms and fossil websites – their watches are available through a wide range of networks. The retail stores are divided into premium stores and major outlet malls where Fossil products can be found.

 

Promotion & Advertising Strategy

Fossil has always placed a premium on creating a distinctive design that emphasises their distinct strength. They've created a handpicked assortment that's both utilitarian and detailed. Their stores all over the world have a vintage feel to them and a welcoming, snug, well-lit, and pleasant atmosphere. Fossil maintains a lifestyle blog and is active on all social media platforms. Another major component of their promotional strategy was formed in 1985, when they first introduced their Fossil watches.

Their designs were made in such a way that they appealed to the masses due to a retro touch, and to add to this feeling, they packed their watches in tin cans, which was done largely to make customers nostalgic. Additionally, their watches were packaged in wooden boxes. Indiana Jones was highly famous at the time, and using models in their ad campaigns helped them become a hit, doubling their sales in two years. They created the #CallingAllCurious campaign in 2015, which featured artists, filmmakers, photographers, and fashion bloggers. It was a campaign in which the brand attempted to research products in their line that blended in with the environment.

 

Instagram was used to actively push consumers to participate. Their work with some of the most well-known classic brands has given them an advantage in terms of product design, manufacturing, and distribution. Emporio Armani is one of the most well-known examples. They sell vintage watches that are filled with heritage and long-lasting design. Their traditional design was geared toward masculine customers. As part of their sales promotion strategy, Fossil opened a "shop-in-shop" that included promotional goods and Fossil products. Their Boyfriend watches, which offer a hint of masculinity to women, have been highly popular. They've put more money into technology, and the Misfit acquisition was a big move in that direction. As a result, Fossil's marketing mix is complete.

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SWOT Analysis

Strengths

• Constant changes in its product design according to fashion trends

• Wide customer reach

• Has an established international presence

• Has a strong relationship with customers

• Product portfolio well presented

 

Weaknesses

• High inventory levels, can cause losses in the business

• Investments in new technology

 

Opportunities

• New customers from online platform

• New product categories 

• Frequently introduces new accessory product within their licenced brands

 

Threats

• Shortages of skilled workforce

• Constant alteration and difficulty keeping up in customers fashion trends 

• Highly competitive retail and e-commerce consumer segment

 

Competitor

• Swatch, Guess, Coach

• to stay ahead of the competition Fossil should focus more on innovation.

 

Unique Selling Proposition (USP)

Fossil reaches its customers through a diversified range of well-known propriety and licensed brands like Dkny, Burberry, Diesel