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Fossil CEO: Wearables Smothering Swiss Watch Business

Posted by samzenpus on from the watching-the-watchmakers dept.

itwbennett writes: I think technology and the whole idea of wearables ... has taken some of the oxygen out of the Swiss business,' Fossil CEO Kosta Kartsotis told analysts on a call to discuss the watch maker's second quarter results. These new competitors, along with other factors like a strong U.S. dollar, contributed to Fossil's quarterly revenue decline, Kartsotis said. Last week, a report from market research firm NPD Group claimed the Apple Watch was partially behind the largest slump in U.S. watch sales since 2008.

3 of 202 comments (clear)

  1. Two different markets by The+Fat+Bastid · · Score: 4, Insightful

    Analog watches are jewelry for people who want to make a fashion statement. Digital watches are for people who want a smartphone on their wrist.

  2. Cellphones responsible not Apple watch. by bl968 · · Score: 4, Insightful

    Sorry I don't buy it. I think the fact that everyone carries cellphones and every cellphone displays the time on the face is what is behind his watch slump. I haven't worn a watch in years and it has nothing to do with apple's product.

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  3. Haha... by fuzzyfuzzyfungus · · Score: 4, Funny

    This story is amusing because a company named 'Fossil' produces obsolete products.