Fossil, Tory Burch Sign Global Licensing Agreement
Fossil (NASDAQ: FOSL) announced today that it has entered into a global licensing agreement with the Tory Burch Company. Fossil and Tory Burch will collaborate on the design, development and distribution of timepieces for the Tory Burch brand. This partnership will combine Fossil's innovative approach to timepiece design and its distribution expertise with the elegance, classic design and lifestyle that Tory Burch embodies.
Tory Burch, CEO of the Tory Burch Company, says, "I am thrilled to partner with Fossil, a leader in the watch industry that is aligned with our vision and business strategy. Expanding into timepieces will perfectly complement our accessories collection, an integral part of our brand DNA."
Kosta Kartsotis, Fossil CEO, added, "We are very pleased to be partnering with Tory Burch to create a distinctive watch business for this exceptional brand. This will enable us to leverage our strengths in design and worldwide distribution and enhance our position as the leader in the global watch market."
The Tory Burch timepiece collection's global launch is scheduled for late 2014.
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