March 24, 2004
Fossil to Buy Michele Watches
Fossil Inc., the Texas-based watch and accessories manufacturer, agreed yesterday to purchase Michele Watches for approximately $50 million in cash. Jack Barouh, president of Michele Watch's parent company, Tempus, will continue to operate the company from its offices in Miami and Geneva, Switzerland.
The acquisition, subject to regulatory approval, is expected to be made final in April.
"Michele Watches is thrilled to join Fossil in what we know will prove to be a rewarding long-term partnership," Barouh said. "Michele Watches and Fossil share a similar dedication and passion for the industry in which our reputations have been built. We look forward to growing our business in collaboration with the tremendous resources and rich experience Fossil brings to the table.
Fossil has expanded its watch holdings in recent years, notably in 2001 when it purchased several Swiss manufacturing firms and the 123-year-old Swiss brand Zodiac.
Fossil sells watches under its own name and has licensed several brands, including Emporio Armani, Burberry, DKNY, and Diesel. It sells small leather goods, belts, handbags and sunglasses under the Fossil and Relic brands and sells jewelry under the Fossil and Emporio Armani brands.
by Michael Thompson