Fossil, Inc. has completed the acquisition of Tempus International Corp. (which does business as Michele Watches) based in Miami for approximately $50 million in cash. Tempus manufactures, markets, and distributes watches under the MW and MW Michele brand labels.
Tempus will continue to be run by Jack Barouh, president of Tempus, from its offices in Miami and Geneva, Switzerland.
“We are excited by the many expansion opportunities that Michele watches presents us, especially in Europe and the Far East,” Steve Bock, president of Fossil’s Luxury Division, said in a statement. “Michele has established a business with increasing momentum and we look forward to capitalizing on this strength by utilizing the powerful platform we have created to further develop the brand.”
Launched as a fine watch brand in the United States in the fall of 2000 with its CSX Diamond Collections, Michele Watches is sold through luxury independent retailers and through luxury department stores such as Neiman Marcus, Saks Fifth Avenue.
Fossil is a design, development, marketing and distribution company that specializes in consumer products predicated on fashion and value.