Fossil on retail expansion spree in India

After opening seven exclusive outlets, Fossil India aims to increase the count to about 25 by 2017. After receiving nod to invest 100 percent FDI in the country, the American firm is also expanding its product offerings to include jewellery, leather products and eyewear. The firm kicked-off its India operations with just watches about eight years ago, but it now aims to turn into a complete lifestyle brand in the country. The products in all three new categories are currently being imported, offering Indian consumers the designs that the company sells in Europe and Asia-Pacific regions.

The company has also signed agreements with upcoming malls such as 'Mall of India' in Noida and Bharti Realty World Mark in Aerocity Delhi. In mid-premium fashion segment, Fossil group enjoys a 40 percent share and the Fossil brand has a 22 percent share in the watch segment. Fossil has been retailing through multi-brand outlets and department stores such as Shoppers Stop and Ethos. Its brand portfolio in India includes Emporio Armani, Michel Kors, Diesel, Fossil, DKNY and Skagen.

Following Indian FDI rules Fossil sources 30 percent of the value of goods from micro, small and medium enterprises from the country. It has a manufacturing facility in Parwanoo, Himachal Pradesh.