What are the major competitors of Fossil’s Inc?
The major competitors of Fossil are Swatch and Guess? To be precise Swatch and Guess are well known brands in Watch industries. It was very difficult for Fossil to reach to that level. Now if we talk about the market share Fossil and Guess? Managed to be on the same level moving Swatch to number three. Fossil did had some other competitors like Gucci, Anne Klein II etc but they could not come as up as Guess and Swatch.
If we talk about Swatch it was been developed in Switzerland in early 1970’s. At the same time there was Casio and other competitors’ example Hong Kong producers in the moderately priced segment which was making things difficult for Swatch leading it to complete Loss. Swiss Government then decided to provide them capital and banks did the same by the help of which Swatch came up with low priced watched which was in comparison to existing watch makers like Omega, Rado etc. Swatch used to make its products with the help of Robots and Computers. In early 1990’s Swatch did a Sale of $2.1 billion and was successful.
Talking about Guess? Another very old and brand conscious watch maker started in early 1983’s. Philip “Mickey” started Guess? by investing his personal funds around $40,000 and sold watched from his garage. He used to import Watches from Hong Kong and then used to sell it during Christmas. In 1991 his company was acquired by Timex and they started expanding their distribution. In 1993 they started making watched for both Men and Women. They started revising their product four times every year. Later they also started Watch bands and Private label watches for Disney, Limited Express and others. 2.
Comment on the Fossils’ Inc. Business Strategy?
Fossil’s Inc. Business strategies are as follows:-
Brand Development:- They thought of the name “Fossil” as to reflect a theme of fashion, fun and humor which they feel they did succeeded as Fossil was been loved by...
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