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Guess? & Fossil announce $1.36bn license arrangement

29
Aug '05
Online shopping company Guess? Inc and full range watch and related accessories maker Fossil Inc announced that they are in advanced negotiations for a 10-year global license agreement with an option to renew whereby Fossil would produce and distribute Guess and Guess Collection watches beginning in January 2007.

This agreement would create a powerful partnership between Guess and Fossil. Fossil plans to form a separate company for the Guess business and utilize Fossil's worldwide network to expand the distribution of Guess and Guess Collection watches globally. Current worldwide wholesale sales of Guess and Guess Collection watches are approximately $150 million. The parties plan to base minimum royalties on wholesale sales of $1.36 billion for the initial 10-year term.

"Company is very excited about this proposed partnership with Guess," stated Kosta Kartsotis, Fossil's President and CEO. "Guess is a unique global brand with a great heritage and is positioned for substantial long-term growth throughout the world. Guess also has a great history of leadership in the watch business and they are looking forward to expanding the business even further. They anticipate that the agreement will be finalized in the next week."

"Since the inception of the licensed Guess watch business 21 years ago, they have been closely involved in product development with the Callanen organization, a subsidiary of Timex, and plan to continue to be very involved with Fossil," said Paul Marciano, Co-Chairman and Co-CEO of Guess?, Inc. "They want to thank the Callanen team for their contributions to the growth of the Guess watch business. They are confident that proposed partnership with Fossil will be a strong one and should contribute to the further expansion of the business both domestically and internationally."


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