Watch company Fossil, struggling with falling sales, has found its next leader — a veteran of the sportswear and outdoor gear industry who most recently headed up Salomon.
Franco Fogliato was named CEO while joining the board at the Richardson company, according to a statement on Wednesday. He takes over for Jeffrey Boyer, who rose to interim CEO from COO after longtime leader Kosta Kartsotis stepped down in March.
From 2021, Fogliato served as CEO and president of Salomon, a sports equipment company, according to his LinkedIn profile. During his tenure, Fogliato led a turnaround of the business by streamlining operations, and creating a refreshed brand identity and platform — while driving revenue and profit growth, Fossil said.
Prior to Salomon, he was an executive at Columbia Sportswear, which also targets outdoor-minded shoppers with zip-up fleeces and hiking shoes. He also held leadership roles at surf brand Billabong, owner of the Nixon watch, and The North Face, another outdoor-clothing retailer.
The announcement comes as Fossil grapples with slowing interest from shoppers amid shifts in the industry, including the rise of the Apple Watch and new options for leather goods. The company saw sales drop 19% in the second fiscal quarter and widening net losses, though gross margins improved. Fossil’s sales peaked at $3.5 billion in 2014. In 2023, annual sales were $1.4 billion
“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,” Fogliato said in the statement. “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.”
Kartsotis was CEO from 2000 and chairman since 2010. He joined the company in 1988, four years after Fossil was founded by his brother Tom Kartsotis, who left the company in 2010 and founded the Shinola brand in Detroit. With the announcement, Boyer will return to the role of COO this month.
“Franco brings over 25 years of consumer industry expertise, along with focus, leadership acumen, and disruptive vision, to this role,” Kevin Mansell, Fossil chairman of the board, said in the statement.
