- Fossil Group Ends Smartwatch Business: Fossil Group, a prominent maker of Wear OS smartwatches, has decided to exit the smartwatch business. The company will redirect resources towards its core strengths, focusing on designing and distributing traditional watches, jewelry, and leather goods.
- Strategic Decision: The decision to leave the smartwatch business comes as a strategic move in response to the evolving smartwatch landscape. Fossil Group aims to capitalize on growth opportunities in its core segments.
- Gen 6 as the Last Smartwatch: Fossil’s Gen 6, launched in 2021, will be the last smartwatch produced by the company. While the Gen 6 will conclude its smartwatch offerings, Fossil commits to keeping existing Wear OS watches updated for the next few years.
- Focus on Core Strengths: The company emphasizes its commitment to its core strengths in traditional watches and other accessories. The decision aligns with a shift in market dynamics and the need to prioritize segments with strong growth opportunities.
- Gen 7 Announcement Absence: Fossil’s absence from CES 2023 and the lack of an expected Gen 7 announcement raised speculations. Reports on Reddit had suggested that Fossil was withdrawing from the smartwatch business, which is now confirmed.
- Market Impact: Fossil’s exit leaves a notable gap in the smartwatch market. The company had been a prolific contributor to Wear OS smartwatches over the years.
Conclusion: Fossil Group’s decision to exit the smartwatch business reflects the challenges and changes in the smartwatch landscape. By refocusing on its core strengths in traditional watches and related accessories, the company aims to leverage growth opportunities in established segments. The move aligns with broader market trends and strategic considerations for Fossil Group’s future direction.
