When Fossil losing its Usefulness you can’t imagine how a particular population is crazy about wristwatches. Every year more than 1 million watches are produced.
If you visit a central watch store then you can find hundreds of watch lovers.
Some of them are trying a model, some of them are taking pictures, in the corner of few couples discussing what could be the best watch for an occasion. For them, Watch is not an accessory but a hobby.
People collect post stamps, coins from different times and places.
If you look back, we can see watch had been a grooming accessory since 1870. Normal compass, pocket watch, handmade mechanical watch, Quartz watches, Digital Watch, and now we have the most advanced technology in our wrist; Smartwatch.
Vacheron Constantin, Breguet, Patek Philippe are the watch brands more than 70 years old where Fossil is trying to get our attention from 1985.
The Condition Of Fossil In Past Few Years
Once, Fossil had a huge watch market share, in 2014 it has $3.5 net sales. In 2019 the net sale of Fossil has decreased by 27%. All the shares of Fossil have crashed at the bottom line.
Fossil has 170 total store all around the world (Over 140 Big Countries) but in 2021 it has 75 stores.
In addition, Fossil doesn’t only offer Smartwatches, leathers, jewelry, and others, however the majority of their sales id based on Watches.
Although they are suffering to get sales, specially in the watch market.
Reason Why Fossil Fall Down
Fossil manufactures mainly two types of watches, Metallic mechanical watch- these are specially manufactured by professional watchmakers and it is fully handmade.
Then Quartz watches change the watch industry. A quartz watch is more accurate than a mechanical watch as it does not have tiny small mechanical gears.
After years have passed Watch market is now turning towards a new era. Shopping Molls, Watch stores are full of Wearable computers (Smartwatches), brands like Apple is ruling the market.
The taste of the modern culture has changed a lot. But Is this the end? Will normal watch brands sustain in the future?
There are hundreds of smartwatch, fitness tracker, hybrid watch but still traditional watches has it’s value.
Brands like Omega, Rolex, Audemars Piguet, Cartier has its’ own individual demand.
In that case, the Watch market specialists say that he is not sure whether Fossil will stay in the market but he believes that classic traditional is still famous to a particular percentage.
Related: Fossil Watches For Men
Effects On Fossil Industry
From 2019, Fossil has changed a lot. Now, it’s probably the worst condition when Fossil is passing through.
All over the world, they have 10,200 workers but now the total numbers of workers are 7,500.
Almost over 140 countries Fossil was serving their creation but now it seems that they stuck the whole operation and planning to restructure their marketings.
Well, Fossil is not a new bee, they are in the industry more than 35 years. Now, people don’t want to take their products that means not they have poor quality instruments.
The problem is people have so many options or in other words distractions. Fossil has such a great model there is something that Fossil is not fulfilling.
Handmade mechanical watches will not disappear from the market because those are living-breathing handmade pieces. But how Fossil will sustain itself in the market.
Well, the following are key planning of Fossil for uplifting their sales and brand value.
Key Planning Of Fossil To Uplift Sales
- They are focusing the whole market of India, and China
- Most of the sectors are appointed to improve the overall quality of Watch
- They will maintain their style and art but including smart specifications
- Most of their investment towards the brand quality
- They are dedicatedly focused on digital marketing (creating affiliates, and e-commerece, etc.)
Now, let’s see how Fossil wins the game. Because doubtlessly India, and China is a big market but the competition is waiting for them.
What do you think? Will Fossil Stay In The Market? We are keen to hear from you.
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