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Cramer to Fossil: Get with the program fast

It's time for Fossil to do a better job of selling to millennials, CNBC's Jim Cramer said Wednesday.

"Now this is important: The CEO says 'largely, millennials have not worn watches because they grew up with smartphones.' Millennials are a whole big part of the population and they're taking over the earth," Cramer said on "Squawk on the Street."

Fossil shares plunged almost 30 percent Wednesday, a day after the company reported quarterly results that fell short of Wall Street expectations.

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"On Fossil's conference call, which was a horror show, [they] said 'we sell 30 million watches today.' All they do primarily is tell time. That's now a liability when you wear [an Apple Watch]," Cramer said. "This doesn't just tell time, it tells me when my wife is calling me."

Fossil's stock is down 22 percent so far this year, and have fallen 64.5 percent in the past 12 months.

FOSL in past year

Source: FactSet

Disclosure: Cramer's trust did not own Fossil stock when this story was published.