Fossil Pulls Out Of Smartwatch Market, To Redirect Resources Towards Core Strengths: Report
Fossil's Gen 6 watch which was launched back in 2021 now becomes its first and last smartwatch.
American watchmaker Fossil Group has pulled out from the smartwatch market and ended its years-long endeavour of bringing stylish tech wearables to the market. The company on Friday told The Verge that it has decided to stop producing smartwatches. Fossil spokesperson Amanda Castelli said, “As the smartwatch landscape has evolved significantly over the past few years, we have made the strategic decision to exit the smartwatch business."
Castelli added that the resources will be redirected to the core strengths of the group. Fossil’s sub-brands like Michael Kors, Skagen, and Diesel will also discontinue smartwatches.
Fossil's Gen 6 watch using Google’s Wear OS software which was launched back in 2021 now becomes its first and last smartwatch.
The exit of Fossil might not be a huge shock to people as some Redditors had been posting that Fossil was pulling out of the business while other users claimed to have 'insider knowledge' and said that the company was awaiting a new chipset.
Fossil's Struggle In Market
Fossil was one of the few traditional watchmakers who were trying to adapt to the new smartwatch trend over the past ten years. The wearable category finally gained momentum in 2021 when Google and Samsung entered into a partnership to come up with a major software update.
As per reports, industry analysts have said that Fossil struggled to compete with the tech giants’ marketing power and resources. The brand hasn't released any new smartwatch model since 2021, which already signalled its retreat.
Fossil had a unique focus on fashionable design in the smartwatch space. However, now with the brand exiting the market, it has left a void that other players can fill with their sleek designer smartwatches.
From now on, as per the spokesperson, Fossil will be concentrating on its traditional watches, jewellery and leather goods. Despite smartwatches becoming mainstream, old-school timepieces still make up the vast majority of Fossil’s fortune.
Tech giants like Google, Apple and Samsung have now taken over the smartwatch landscape with other brands such as OnePlus and Noise trying to solidify their place in the market.
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