Fossil Buys Skagen Designs

Watch and accessory manufacturer Fossil is acquiring another noted jewelry name, Skagen Designs, along with some of its international affiliates, the company announced Jan. 10.

Fossil is paying approximately $225 million in cash for the Reno, Nev.–based company, subject to a working capital adjustment, as well as 150,000 shares of its common stock.

The acquisition, which is subject regulatory approval, should be finalized in February.

Skagen may also receive up to 100,000 additional shares of Fossil common stock if Fossil’s sales of Skagen-branded products exceed certain thresholds.

“We have long admired Fossil and believe they will bring great passion and vision to our brand,” Charlotte Jorst, co-founder of Skagen, said in a statement.

Officials from Fossil did not return a call for comment from JCK.