Fossil Group has signed a global license agreement with sportswear and equipment company Puma for the design, development and distribution of watches and smartwatches.
The licensing deal will see the first watches hitting stores in 2019, and will run through to 2028 and takes Fossil into the sports accessories market that is stronger for smartwatches than the fashion arena.
German manufacturer Puma, currently valued at $6.3 billion, has become more than just a sports brand in recent year thanks to the current athleisure fashion trend and celebrity backing from the likes of Rihanna, who was named creative director for the company in 2014.
“Puma is one of the world’s leading sports brands. We are excited to partner with them and bring our world class design and distribution capabilities to the Puma watch collection,” said Kosta Kartsotis, chief executive officer, Fossil Group.
The Puma timepieces will be sold through select department stores, specialty retailers and e-commerce channels in Fossil Group’s global network.
Bjørn Gulden, CEO of Puma says: “Time makes or breaks athletes, which is why the right partner for watches and wearables is particularly critical to our brand. We are pleased to team up with Fossil Group, whose strong focus on innovation will help us make products that fit the needs of our consumers and the world’s fastest athletes.”
The Puma agreement brings Fossil Group’s portfolio of licensing partneres to 17. Fourteen of the brands now have connected timepieces — touchscreens, hybrids or both — within their portfolios.