Fossil puts Oyzterbay plans on hold

US-based lifestyle retailer Fossil which acquired the loss-making Oyzterbay brand of contemporary

jewelry, has no immediate plans of reviving the brand at the moment. The Oyzterbay brand was at one time the fastest growing jewelry retail chain in India offering jewelry in gold, diamonds, and sterling silver. Known for its tagline of ‘Jewelry for the Living’ symbolizing an entire gamut of jewelry at affordable prices, the brand ran into trouble a few years after its promising start in 2000. In 2006, the promoters decided to sell the 36 retail stores of Oyzterbay because they found the retail network under utilised as it did not have the complete range of products.

While Bangalore-based jeweler Rajesh Exports acquired the retail assets and converted Oyzterbay stores into Laabh stores, Fossil acquired the Oyzterbay brand. However, there further problems after Fossil entered into a 50: 50 JV with Rajesh Exports, which announced big global plans to revive the OyzterBay brand. Though the JV did not work out and both went their different ways, the Oyzterbay brand stayed with Fossil. The Laabh chain of stores was another unprofitable business venture and Rajesh Exports pulled out.

However, Fossil announced plans in 2009 to give a new lease of life to the Oyzterbay brand, started by Vasant Nangia, who is currently the Country Head of Fossil India. But that plan has now been put on the backburner with Fossil planning to concentrate on watches, leather goods and eyewear segment in India.  Fossil now has the license to design, manufacture and market several brands including Fossil, DKNY, Diesel, Burberry, Adidas and Armani.