Q&A: Fossil CFO Randy Greben Says Watch Brand’s Turnaround Is Real

By Karen Dybis | April 07, 2026

Fossil Group is moving quickly through a massive turnaround plan under CEO Franco Fogliato, and the Dallas-based watch company—which counts pop star Nick Jonas (pictured) as a global brand ambassador—could see sales growth by the end of 2026, says chief financial officer Randy Greben.

That rebound, under a new business model, after two years of sales declines and store closures means an opportunity to expand in categories, including leather goods and jewelry, Greben says.

“This is a pivotal moment for Fossil Group,” he tells JCK. “We’re reasserting our leadership in the watch category by building on our rich heritage while advancing a more focused, future-oriented vision for the brand.”

Randy Greben Fossil — *CFO Randy Greben says Fossil Group is moving toward profitability in the fourth quarter of 2026.*

Greben joined Fossil in March 2025, after stints as CFO of meal kit company Blue Apron and chief financial and operating officer at online mattress brand Casper. Fogliato had become CEO only six months earlier, Fossil’s first chief executive hired from outside the company in 40-plus years.

In 2025, Fossil’s net sales totaled $1 billion, down 12.3% from the previous year, according to full-year and fourth-quarter financial results released in March. Fourth-quarter net sales declined 18.1% compared with the same period in 2024, which the company attributed largely to its return to a full-price selling model.

In an interview with JCK, Greben touches on Fossil’s new initiatives, watch trends in general, and the Iran war’s impact on businesses. If you want to know more about Fossil’s recent clever bond restructuring, read this and listen here.

When did Fossil adopt a new business model?

Fossil Group’s turnaround started when Franco Fogliato joined as CEO in September 2024. Within his first few months in the role, he assessed the business and developed a clear “shrink-to-grow” strategy built on three pillars: refocusing on our core product—watches—and our flagship Fossil brand, realigning the company’s cost structure, and strengthening the company’s balance sheet.

That transformation strategy has delivered operational and financial results ahead of our initial plan. We’ve saved approximately $100 million in costs so far, completed a significant refinancing in November that gave us real financial runway and a stronger base to build on. In fiscal year ’25, our net sales topped $1 billion, and we’re now focused on profitability and targeting a return to top-line growth in the fourth quarter of 2026.

Why did the company have to change its strategy?

Franco recognized that to thrive long-term, we needed to simplify the business. Accordingly, we’ve sharpened our focus on our core category and our strongest brands and licenses while prioritizing our most profitable channels, markets, and partnerships. We had to make some hard decisions that were necessary to strengthen our foundation, but we’re now a healthier, leaner and more profitable company.

How would you describe Fossil’s progress toward its goals?

Our turnaround plan quickly gained traction, and Fossil Group entered 2026 from a position of strength. We’re happy to say that the hard work of the last 18 months is paying off. In addition to achieving $1 billion in revenue in fiscal ’25, we expanded our gross margin by 390 basis points to 56.1%. And our adjusted operating income came in at $12 million, compared with an operating loss of nearly $104 million the year before. That’s a dramatic swing in the right direction, and we delivered it ahead of our own expectations.

We’ve driven this transformation by prioritizing our biggest sources of growth, which include our flagship Fossil brand and our licensing partnerships with Michael Kors, Emporio Armani, Armani Exchange, and Diesel. With the Fossil brand, we’re building on its 40-plus-year heritage while fostering new collaborations with cultural icons such as Nick Jonas, one of our global brand ambassadors, as well as with major entertainment franchises such as Disney’s Marvel and Lucasfilm/Mandalorian and trending brands such as Shelby American.

By improving the customer journey and delivering product innovation backed by great brand storytelling, we’ve attracted new millennial and Gen Z customers as well as original fans nostalgic for the watch brand they wore when they were younger.

How are watch sales overall in 2026?

Watches have seen a resurgence because they allow consumers to express themselves and send social signals without luxury-level spending. Younger shoppers are especially attracted to retro designs, Y2K-era fashion, celebrity collaborations, and popular entertainment franchises. Watches have also become a form of wearable fandom, signaling the owner’s connection to a particular group, team, or person. All of these factors have turned the category into keepsakes and collectibles, rather than just timepieces.

Also, we’re seeing Gen Zers leading a real analog resurgence. These digital natives are experiencing digital fatigue and turning to traditional watches as accessories and expressions of personal style and identity. Many of these younger consumers are deliberately moving away from the smartwatches their parents wear. This plays directly into what Fossil does best: offer accessible, design-forward watches that let people express who they are.

Is Fossil affected by the Iran/Middle East conflict?

Like other global companies, we closely monitor geopolitical developments and factor them into our planning and operations. That said, our business is well diversified across geographies. The U.S. accounts for roughly 35% of our revenue, and we have strong businesses in Europe, India, Mexico and other markets. We’ve intentionally prioritized the markets that present the most opportunity for us and where we have the strongest footing.

At the same time, consumers in many markets are looking for quality and value as they face persistent inflation as well as new economic uncertainty tied to global conflicts. Fossil is committed to making everyday luxury accessible for our customers, and we’re focused on serving them by delivering great products, building cultural relevance, and executing well across our channels. That’s what drives our business.

In addition to the collaborations you mentioned, what are some of the brand’s initiatives for 2026?

Fossil recently relaunched the Big Tic, one of the brand’s most iconic designs from the late 1990s. The launch is already generating strong momentum across both legacy fans and a new generation drawn to Y2K-inspired style. Throughout the year, we will introduce a series of limited-edition Big Tic releases, including a world flags collection that debuted April 6.

Looking ahead, we are preparing to introduce Signature, Fossil’s first premium platform in more than a decade. Rooted in craftsmanship and timeless design, Signature marks a meaningful evolution for the brand and is designed to resonate with watch enthusiasts and collectors alike. The collection will also reflect an elevated level of technical sophistication and assembly, underscoring our ongoing commitment to quality, innovation, and design excellence.

Top: Fossil Group brand ambassador and pop singer Nick Jonas is featured in the watch company’s marketing campaign. (Photos courtesy of Fossil Group)