The watchmaker Fossil closes 50 stores, cuts jobs, and focuses on its core brand. The measures aim to bring savings of 100 million USD by 2025.

Fossil Group announced a comprehensive restructuring program that includes the closure of 50 stores, job cuts, and a stronger focus on the core brand Fossil. The company aims to optimize its cost structure and strengthen its balance sheet, Fossil reported on Wednesday.

As part of the plan, international markets are also to be increasingly served through distributors and the wholesale business streamlined. The transition to this model and the planned cost reductions are expected to enable savings of 100 million US dollars in 2025.

The announcement caused the Fossil stock to rise by 11 percent to $1.41 in after-hours trading.

At the same time, the company recorded a 19 percent decline in sales to $342.3 million.

The company is also continuing the strategic review of its business model and capital structure begun in March 2024. Advisors are working to position the company more competitively in the long term.

Fossil had originally set up a transformation and growth program that was supposed to achieve annual savings of 300 million USD by 2025. However, the company only generated 280 million USD in operational savings over the last two years, as announced on Wednesday.

At the same time, a new Chief Financial Officer was appointed: Randy Greben will take on the role of Chief Financial Officer (CFO) from March 17. The 47-year-old was previously CFO and COO of mattress manufacturer Casper Sleep and succeeds Andy Skobe, who has held the position on an interim basis since summer 2024.

Greben receives a base salary of $575,000 and a signing bonus of $125,000. His start comes at a critical time, as Fossil also lost its previous CEO in March 2024.