Fossil Group names new CEO

Fossil Group announced on Wednesday the appointment of Franco Fogliato to the role of chief executive officer and a member of the board of directors, effective September 18.

Fogliato succeeds Jeffrey Boyer, Fossil’s interim CEO, who will resume his previous role as chief operating officer and step down from the board.

A sportswear and apparel veteran, Fogliato most recently served as president and chief executive officer of Salomon, a sports equipment manufacturer owned by Amer Sports.. Prior to Salomon, he spent eight years at Columbia Sportswear Company, most recently serving as EVP of global omnichannel. He previously spent eight years as CEO Europe at Billabong Group, owner of the Nixon watch and accessories brand. Earlier in his career, Fogliato held executive roles at The North Face, a VF Company.

“The board of directors is thrilled to welcome Franco to the Fossil team,” said Kevin Mansell, chairman of the board. “Franco brings over 25 years of consumer industry expertise, along with focus, leadership acumen, and disruptive vision, to this role. We are extremely confident that his experience stewarding great brands and driving transformation will lead Fossil to its next chapter.”

The appointment comes a few months after the departure of Kosta Kartsotis from the role of Fossil CEO. The former chief’s sudden departure follows a disappointing financial period for the company, with fourth quarter sales falling 15.6 percent to $421.3 million. Full year net sales equally dropped to $1.4 billion from the prior year’s $1.7 billion.

“I am honored to join such an iconic global brand,” said Fogliato. “I have admired Fossil Group and the Fossil brand over the years as the company has shaped the watch industry and developed a leading position in the marketplace. I look forward to working with the leadership team and Board to revitalize the business, deliver on the full potential of the company’s portfolio, and build long-term value for all stakeholders.”