LONDON and RICHARDSON, Texas, Nov. 11, 2014 (GLOBE NEWSWIRE) -- Michael Kors Holdings Limited (NYSE:KORS) and Fossil Group, Inc. (Nasdaq:FOSL) announced today that they have renewed their global licensing agreement through 2024.
Michael Kors, a global luxury lifestyle brand, first partnered with Fossil Group, a global design, marketing and distribution company specializing in fashion accessories, in 2004 to design, develop and distribute watches under the Michael Kors label. The relationship expanded to encompass jewelry in 2010 and the two companies are currently collaborating to grow the men's watch business.
Kosta Kartsotis, Chief Executive Officer of Fossil Group, commented: "We are very proud of our partnership with the Michael Kors brand and our role in contributing to the brand's explosive growth over the years. This global licensing agreement allows us to further grow the Michael Kors brand and extensive line of watches and jewelry and explore other opportunities in the accessories category. We are pleased to extend our partnership and look forward to collaborating for years to come."
John D. Idol, Chairman and Chief Executive Officer of Michael Kors, said: "We are very pleased to continue our partnership with the Fossil Group. Accessories are central to the Michael Kors brand DNA, and we will continue to build on that positioning as we grow globally. Fossil's position as a leader in the global watch market has made them an ideal partner in the design and development of innovative watches and jewelry that capture the sophistication, energy and style of the Michael Kors lifestyle. We have enormous confidence in the future growth of our relationship and the many opportunities that lie ahead."
This press release contains forward-looking statements about Michael Kors and Fossil Group. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to the operations and business environment of each company, all of which are difficult to predict and many of which are beyond such company's control. Forward-looking statements include information concerning each company's possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. The forward-looking statements contained in this press release are based on assumptions that each company has made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although each company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. Please refer to both companies respective annual filings with the U.S. Securities and Exchange Commission for a complete list of risk factors.
About Michael Kors
Michael Kors is a world-renowned, award-winning designer of luxury accessories and ready-to-wear. His namesake company, established in 1981, currently produces a range of products through his Michael Kors and MICHAEL Michael Kors labels, including accessories, footwear, watches, jewelry, men's and women's ready-to-wear, and a full line of fragrance products. Michael Kors stores are operated, either directly or through licensing partners, in some of the most prestigious cities in the world, including New York, Beverly Hills, Chicago, London, Milan, Paris, Munich, Istanbul, Dubai, Seoul, Tokyo and Hong Kong.
About Fossil Group, Inc.
Fossil Group, Inc. is a global design, marketing and distribution company that specializes in consumer lifestyle and fashion accessories. The Company's principal offerings include an extensive line of men's and women's fashion watches and jewelry sold under a diverse portfolio of proprietary and licensed brands, handbags, small leather goods, accessories and clothing. The Company's products are sold to department stores, specialty retail stores and specialty watch and jewelry stores in the U.S. and in approximately 150 countries worldwide through approximately 25 Company-owned foreign sales subsidiaries and a network of over 60 independent distributors. The Company also distributes its products in over 580 Company-owned and operated retail stores, through its international e-commerce websites and through the Company's U.S. e-commerce website at www.fossil.com. Certain press release and SEC filing information concerning the Company is also available at www.fossilgroup.com.
CONTACT: Investor Relations: Eric M. Cerny FOSSIL GROUP, Inc. (855) 336-7745 Allison Malkin ICR, Inc. (203) 682-8225 Krystyna Lack VP, Treasurer Michael Kors (201) 691-6133 InvestorRelations@MichaelKors.com Jean Fontana ICR, Inc. (646) 277-1214 Public Relations: Theresa Palermo FOSSIL GROUP, Inc. (469) 730-7065 Alecia Pulman ICR, Inc. (203) 682 8224
Source:Fossil Group, Inc.