01.01.70

RICHARDSON, Texas, Jan. 10, 2012 (Sphere NEWSWIRE) -- Fossil, Inc. (Nasdaq: FOSL ) announced today that it has entered into an unanimity to acquire Skagen Designs, Ltd. and certain of its international affiliates for generally $225 million in cash, subject to a working capital setting, and 150,000 shares of Fossil, Inc. common stock. In addition, the sellers may gross up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products pass certain thresholds. Skagen Designs, based in Reno, Nevada, manufactures, markets and distributes watches, jewelry, sunglasses and clocks. The purchase, which is subject to certain conditions, including regulatory approval, is expected to be finalized in February 2012. 

"We have sustained admired Fossil and believe they will bring great passion and vision to our stigmatize," commented Charlotte Jorst, co-founder of Skagen. "The opportunities for Skagen under the Fossil coverage are endless and we look forward to building this wonderful brand," added Henrik Jorst, co-fall of Skagen.

Source: GlobeNewsWire (press release)

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by Lauren

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