Fossil has signed a global licensing agreement with fashion brand Tory Burch to design, develop and distribute its branded collection of timepieces.
The partnership with Tory Burch Company comes after positive results for Fossil’s Michael Kors watches, which continue to record strong sales in the UK and overseas.
Fossil is now set to work with Tory Burch on the design, development and distribution of a watch collection under the Tory Burch brand name. The partnership promises to combine Fossil’s approach to timepiece design and distribution with "the elegance, classic design and lifestyle that Tory Burch embodies".
Tory Burch, founder of the eponymous brand, said: "I am thrilled to partner with Fossil, a leader in the watch industry that is aligned with our vision and business strategy. Expanding into timepieces will perfectly complement our accessories collection, an integral part of our brand DNA."
The debut collection of Tory Burch watches is scheduled for 2014, and will be launched globally. Fossil’s next large-scale launch will be timepieces by Karl Lagerfeld, which go on sale in the UK this spring.
Kosta Kartsotis, Fossi’s chief executive, added: "We are very pleased to be partnering with Tory Burch to create a distinctive watch business for this exceptional brand.
"This will enable us to leverage our strengths in design and worldwide distribution and enhance our position as the leader in the global watch market."