Fossil Group Inc - FOSL STOCK NEWS

Fossil Group (NASDAQ: FOSL) has announced the extension of its partnership with Michael Kors through 2027. Under this agreement, Fossil will continue to design and produce watches and jewelry for Michael Kors, maintaining their distribution across global networks. The partnership, which has lasted over 20 years, represents one of Fossil's most valued licensed relationships.

Franco Fogliato, CEO of Fossil Group, expressed honor in maintaining the trusted partnership, while John D. Idol, Chairman and CEO of Capri Holdings and CEO of Michael Kors, affirmed satisfaction with the continued collaboration.

Fossil Group (NASDAQ: FOSL) has announced two key executive appointments to drive its business turnaround strategy. Joe Martin will join as Chief Commercial Officer on February 17, bringing extensive experience from Adidas where he served as Senior Vice President and led significant turnaround efforts. Martin will oversee all global revenue-generating activities.

Antonio Carriero will assume the role of Chief Digital Information Officer and General Manager EMEA effective February 12. Carriero, with previous experience at Salomon and Breitling SA, will lead the company's global technology strategy, operations, cybersecurity, and EMEA commercial business.

These appointments align with Fossil's commitment to returning to profitable growth and creating long-term shareholder value through strengthened leadership in commercial operations and digital transformation.

Fossil Group (FOSL) reported Q3 2024 financial results with worldwide net sales decreasing 16% to $288 million. Gross margins expanded 240 basis points to 49.4%, while operating loss improved to $24 million from $46 million last year. The company reduced inventory by 31% year-over-year to $226 million and maintained total liquidity of $130 million. Under the Transform and Grow (TAG) Plan, FOSL remains on track to achieve at least $100 million in annualized savings for 2024. The company revised its 2024 outlook, expecting worldwide net sales of approximately $1.1 billion and adjusted operating margin between -6% to -8%.

Fossil Group (NASDAQ: FOSL) has scheduled its third quarter 2024 earnings release for Thursday, November 7, 2024, after market close. The company will host a conference call at 5:00 p.m. ET on the same day to discuss the results. Investors can access the call live through the company's investor relations website, where it will also be archived for future reference.

Fossil Group, Inc. (NASDAQ: FOSL) has announced an equity award as a material inducement for its newly-hired Chief Executive Officer, Franco Fogliato. The award consists of 1,500,000 time-based restricted stock units (RSUs) with an effective grant date of October 15, 2024. The RSUs will vest in two equal installments: 50% on the first anniversary and 50% on the second anniversary of the grant date, contingent on Fogliato's continuous employment with the company.

The inducement award was approved by Fossil Group's Board of Directors on September 1, 2024, in compliance with Nasdaq Listing Rule 5635(c)(4). It was granted outside the company's equity incentive plan and is intended to serve as a material inducement for Fogliato's employment, which began on September 18, 2024.

Fossil Group, Inc. (NASDAQ: FOSL) has appointed Franco Fogliato as its new Chief Executive Officer and Board member, effective September 18, 2024. Fogliato, with over 25 years of consumer industry experience, succeeds Jeffrey Boyer, who will return to his role as Chief Operating Officer. The Board expects Fogliato's expertise in brand stewardship and transformation to lead Fossil into its next chapter.

Fogliato's most recent position was President and CEO of Salomon, where he successfully turned around the business. His prior experience includes executive roles at Columbia Sportswear Company, Billabong Group, and The North Face. The transition aims to advance Fossil's Transform and Grow Plan, with Boyer providing leadership support through early 2025 to ensure a smooth handover.

Fossil Group (NASDAQ: FOSL) reported Q2 2024 financial results, showing continued progress under its Transform and Grow (TAG) Plan. Worldwide net sales decreased 19% to $260 million, including a 5-point negative impact from exiting smartwatches and optimizing retail stores. Gross margins expanded 390 basis points to 52.6%. SG&A expenses decreased 18% to $154 million. The company reported an operating loss of $34 million, compared to $35 million last year. Inventory decreased 38% year-over-year to $202 million. Fossil maintains its full-year 2024 outlook, expecting worldwide net sales of approximately $1.2 billion and an adjusted operating margin between -3% and -5%. The company anticipates generating positive free cash flow in 2024.

Fossil Group, Inc. (NASDAQ: FOSL) has announced that it will release its second quarter 2024 financial results after the market closes on Thursday, August 8, 2024. The company will host a conference call to discuss these results at 5:00 p.m. ET on the same day. Investors and interested parties can access the live call through Fossil Group's investor relations website at www.fossilgroup.com/investors. For those unable to attend the live event, an archived version of the call will be made available on the same website for future reference.

The Buxton Helmsley Group (BHG), a significant shareholder of Assertio Holdings (NASDAQ: ASRT), has issued a letter to the company's Board of Directors expressing grave concerns about its composition and performance. BHG calls for the immediate resignation of four directors, including Chairman Peter Staple, and criticizes the Board's failure to explain and recover damages from the value-destructive Spectrum Pharmaceuticals acquisition. The letter highlights issues such as the 75% write-down of Spectrum's value within three months of acquisition, inadequate due diligence, and a lack of specific expertise on the Board. BHG threatens a proxy contest and potential derivative litigation if no progress is made, intending to nominate independent, qualified directors at the next shareholder meeting.