Brand Audit

By Sharon Lee
04/25/2016
Haworth
MKT3320.001

TABLE OF CONTENTS
Brand Inventory
Company......3
Category...7
Products...8
Competition...10
Brand Analysis.12
Consumer Profile.13
Marketing Communications..14
Media...16
Promotions....18
Digital Strategies..19
Brand Value...26
Brand Exploratory
Research Method #1 Qualitative..27
Research Method #2 Quantitative...28
Recommendation ...29
Citations.30

Company
Brand History:
Fossil was founded in 1984 by Tom Kartsotis and his brother Kosta Kartsotis.
Together, they helped Fossil introduce its first line of watches in 1985. From the
beginning, Fossil wanted to embody the essence of vintage American fashion
Fossil was one of the first companies to delve into the new womens accessories
market in the early 1990s. By 1993 the company went public as FOSL and then
went on to develop the mens accessory market. The company developed a line
of leather products, sunglasses. Starting from 1997 Fossil started signing
licensing agreements with other brands such as Emporio Armani and later on
DKNY, Diesel and more. Today the company is a well-known international brand
that has acquired brands such as Zodiac, Michele and Skagen.
Organization & Major Activities
Fossil has a more laid back culture and stresses team work and creativity in the
work environment. They try to encompass an All for One mantra.
The philosophy at Fossil is fun, fashion and quality which encourages more
impulse buying and repeat purchases from customers. Their products tell stories,
are authentic, and come in a variety and aim to provide a unique product at an
affordable price.
Subsidiaries:
Proprietary Brands:
Michele ($295 -$4990) sold at Bloomingdales, Neiman Marcus,
Nordstrom and Saks Fifth Avenue and online
Relic ($60-$150) JC Penny, Kohls, Sears, and online
Skagen ($95-$275) US Department Stores, US specialty and
independent stores, Asian specialty stores and online
Zodiac ($795-$1,395) Watch specialty stores worldwide and online
Licensed to:
Adidas, Armani Exchange, Burberry, Diesel, DKNY, Emporio
Armani, Karl Lagerfeld, Kate Spade New York, Marc by Marc
Jacobs, Michael Kors, and Tory Burch


Misfit

Merge
Fossil acquired Misfit,
which is a technology based company in order to gain access to
Misfits intellectual property which has allowed Fossil to produce
their new line of smart watches called Fossil Q.

Skagen
simplicity, approachability and clean focused aesthetic
Skagen is a company based in Denmark
Skagen designs contemporay watches with infusions of Danish
culture and design

Location
o
o
o
o
o

400 retail locations worldwide

4,000 wholesale locations
13,000 employees worldwide
Fossil HQ: Richardson, Texas
Over 120 Countries worldwide, 22 company owned foreign sales
subsidiaries, 60 independent distributors

Manufacturing
Fossil has manufacturing facilities in China and Switzerland with
distribution centers in Asia, Germany and Dallas
60% of the watches and 40% of jewelry are assembled in factories
throughout China
o Fossil East looks over the control of the production of the watches
in this area
o The materials for the watches (cases, dials, hands, bracelets,
straps, crystals etc.) are from China, Hong Kong, India, Japan,
South Korea, Switzerland and Thailand
Swiss made watches were assembled in third party factories in
Switzerland
Overall, Fossil has maintained a close relationship with factories
located mainly around Hong Kong, China, and Switzerland and relies
heavily on these manufacturers.
Annual Report: Fossil Group 2014
o Net sales: $3.5 million
o Gross Profit: $2 million
o Earnings per share 7.1
o Operating Income $566,536
o Net Income: $376,707
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o Working Capital: 1,043,025

Fossils Stock Value over the past 6 months

Key Personnel
o CEO: Kosta Kartsotis
o Executive VP: Darren Hart
o President Skagen Brand: Jennifer Pritchard
o COO: John White

o Directors: Elaine Agather, Jeffery Boyer, William Chiasson, Diane

Neal, Thomas Nealon, Mark Quick, Elysia Ragusa, Jal Shroff,
James Skinner, James Zimmerman
Recent news
Burberry is letting its license with Fossil expire in Dec 2017. Although Burberry
holds a significant portion of Fossils licensing revenue (at around 100-200
million), Burberry has decided to exit the watch category. Fossil licensing
contributed to around 5% of Burberrys revenue

Category
Category definition
Shopping Products - Personal Accessories (watches, handbags etc.)
Jewelry, watches, clocks, precious metals and stones
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Driven by: per capita disposable income

Demand industries: clothing stores, department stores

Category Sales in 2015

Jewelry; 9% Other; 2%
Leather; 14%

Watches; 75%

Watches: 581 million, Leathers: 104 million, Jewelry: 66 million, Other: 18 million

Size of category

Size of Apparel Market in 2012

400
300
Size of Market in Billions of $ 200
100
0

225

350

150

US
Country

o Luggage and Accessory revenue: 14 billion

Annual growth 2010-2015 is 4.8%
82,000 employed
34,000 businesses
Top market shares: Claires, Coach, Genesco, Michael Kors
Share of category by product
o Bags
+26% growth for men in 2014
24% of total market womens accessories market
o Eye-ware
+7% growth for men in 2014
+48% growth for womens sunglasses
o Jewelry
+3% growth for men in 2014
+1% growth for womens market
o Watches
+6% growth for men in 2014
Net sale +9% in 2014

Product-Form Description
o Bags: backpacks, clutch, duffel bag, tote bag, etc.
o Eye-ware: sunglasses, glasses,
o Jewelry: earrings, necklaces, rings, bracelets, anklets, cufflinks,
body piercing, toe rings, pins, lockets, pendants
o Watches: athletic, fashion, utility, outdoorsy

New Product Introductions,

o Fossil Q, a smart watch. A line of wearables
Includes watches with various displays (original fossil faces
vs. smart watch face) and trackers (similar to Fit Bit, activity
tracking watches)
The wearables will have unique and branded apps across all
brands that they are introduced to
3 product categories and 2 operating systems
Fashion-first focus, innovation and increased variety
Acquired Misfit Inc.
Fossil will now have a technology platform, basically
dipping into both the technology and fashion industry

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Methods of distribution
o Online Store fossil.com
o Retailers Belk, Macys Nordstrom, Dillards, Buckle
o Fossil Stores
o Fossil Outlets

COMPETITION
Major Players
They range from upscale to lower price point because Fossil has an array
of price points amongst its proprietary brands
o Guess
o Movado
o The Swatch Group
o LVMH Moet, Hennessy, Louis Vuitton in Euros

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Annual Report for 2014

Working Capital
Net Income
Operating Income
Earnings per Share
Gross Profit
Net Sales
-2,000,000,000

0
Fossil

2,000,000,000
Guess

4,000,000,000

Movado

Recent news about Competitors

Louis Vuitton is releasing a new line of watches Poincon de Geneve that allow
users to see the gears in the watches, through the transparent case. Since the
terrorist attacks in Europe, LVMHs sales have faltered. The brand has shown
vulnerabilities despite its success in the luxury accessory category.
Recently, with the announcement that Apple Watches now retail for $299, Apple
is encroaching in Fossils category (in terms of price). Apple is creating a new
market for wearables (think of smart watches). After acquiring Misfit, Fossil is
also developing a line of wearables that will compete against the Apple Watch.
Fossils wearables will have features similar to those of the Apple Watch:
message alerts and activity trackers for some of their brands (Emporio Armani,
Skagen, and Michael Kors). The market for wrist-worn wearables is believed to
be worth around 35-45 billion within the next few years.
Seasonal Factors
o Most sales are made in the third and fourth quarter (Back to School
and Holiday Season)
Refer to figure below to see the dramatic change in sales,
profit and income
Retail is very prone to seasonal spending
o Products themselves are not seasonal

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Financials for 2015

1,200,000
1,000,000
800,000
$ by thousands

Net Sales

600,000

Gross Profit

400,000

Net Income

200,000
0

Quarter

Legal Considerations & Regional Factors

o Because they operate in many countries beside the US they have
to take laws and regulations of other countries into consideration
when they sell abroad
o They have regulations and rules in place but theres no assurance
that workers, contractors, agents will comply.
o Social, political, and economic instability, changes in regulatory
requirements, ability to finance foreign operations, licensing
requirements for exports can impact how well the brand does in
other countries
Foreign currency fluctuations
Ongoing European economic problems
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Social and political unrest in Europe that may spread

throughout the continent
Dependent on foreign manufacturing
Hard to change manufacturing facilities if they dont
perform as expected

Brand Analysis for your Brand

Top Brands: Licensing
Michael Kors- a little under 26% of Fossils 2014 revenue
Armani around 350 million in Fossils revenue
Burberry around 100-200 million in Fossils revenue
Licensed revenue is 53% of total sales in 2014
Category Share by Country/Region

North America
Wholesale
Europe
Wholesale
Asia Pacific
Wholesale
Direct to
Consumer

Growth
$3,5
million
$103.1
million
$44
million
$106
million

Percent of Total
Revenue

Amount of
Revenue

50.72%

$391 million

33.74%

$260 million

15.54%

$119 million

13%

$198 million

4 Segments 450 stores

North America Wholesale
o 250 full prices stores
o 138 outlet locations
o 33 clothing stores
o 15 multi-brand stores
Direct to Consumer
o Includes company owned retail stores, websites and
catalogue sales

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Consumer Profile for your Brand

Demographic of users
o Young adults, unmarried
o Focus on what you want, career advancement
o Want trendy styled watches at an affordable price
o Middle class can afford shopping goods but not at a luxury price
o User Persona:
Young Professionals
o Age 16-24
o (Family) Income: $40,000-$75,000
o Goes to school
o Buys new clothing/accessories multiple times a year
o Cares about look, very image oriented
o Active on all social media platforms (YouTube, Twitter, Snapchat,
Instagram, Facebook)
o Hobbies: building resume with extracurricular activities on campus,
participating in mock interviews, a full time student, volunteering
Frequency of Purchase
o Products may last on average of up to 5 years
o Fashion items are bought a few times a year
o Purchased as gifts
Place of purchase
o May purchase online, at the website and third party websites
o In store (outlets)
o Retailers
o Department stores
o Catalogues
Awareness and Attitude
Word of mouth, introduced to it by someone
Consumers who are on social media
Physical presence at malls and department stores

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Marketing Communications for your brand

Creative Strategies
a) They coordinate product design, packaging, advertising, websites, catalogues
and in-store presentation to market their products
b) They make sure that no matter the theme of the product or the image of the
room, that it all supplements the American Vintage feel, they also package
watches they sell in tin

c) They also feature average Americans in their campaigns to connect better with
consumers and give a more All American feel

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Specific Promises, Appeals, Claims

Deliver a coordinated and consistent brand image to consumer
o Its all about consistency with what consumers see
They pride themselves on offering a big variety of designs and styles including
different price points
o As seen in their new line of wearable smart watches Fossil Q along with
their original, vintage looking watches
Adjust their product lines a few times a year
They aim for having unique products to differentiate themselves
Having lots of different companies that they license to
Fossil also does a great job making sure customers are taken care of even after
they buy the product.
o Fossil watches come with warranty and they have it set up where you can
register your product and track the repairs and warranty on that product.
o They put a big emphasis on customer satisfaction
Values:
Accessible cool, vintage authentic style
All-American, artsy, slightly muted fun
Understand reliability, classic designs, innovative deliver
Store concept:
Vintage concept, comfortable, warm, cozy, well-lit, pleasant

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Customer Value:

Affordable prices,
Wider range (to cater to a wide variety of individual tastes and preferences),
High quality

Media for your brand

1) Category and brand spending,
a) Advertising Costs: 232 million in 2014, 205 million in 2013
2) Seasonality

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a) Pique sales are during the holiday season and back to school
b) Products themselves are not seasonal, just the retail business itself
3) Media employed by top brands
a) Marc by Marc Jacobs : a lot more artsy and high fashion-esque, they are
targeting a different type of consumer, but still do an excellent job showcasing
products and garnering interest

b) Burberry:
aesthetic
toward

also posts a different type of

on their Instagram, catered
more high fashion; they
showcase high profile
endorsers to target the more high fashion oriented consumer
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c) Michael Kors: advertises the most similar to Fossil, simply showcasing their
products in a straightforward way, the target market is the most similar to that of
Fossil

4) Spending patterns
a) Shifting away from an emphasis on stores in the mall toward e-commerce
b) Relaunched Fossil.com before holiday season in 2015
c) Plans to upgrade and fulfill mobile requirements in 2016
Competitor spending
LVMH spends 3.9 billion in advertising in 2014

Promotions for your brand

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Types of Promotions Used

Discounts when you subscribe to their email
Discounted products
Free shipping/ free return
Flash sale
Buy more save more
Sweepstakes

Major brand promotion types and examples

Emphasis on their watches and leather goods
If you interact with Fossil on their other social media platforms you have a
chance to win prizes
Result
Fossil has doubled its web sales (259%)
Gained social media following

Digital Strategies for your brand

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Website

Clear call to actions, large and dominating on the first page

They have links along the bottom of the page along with information
about who they are as a company
They have store information and contact information
Well organized, website allows you to search but also has tabs and allows
for customization
Overall, its very interactive
Allows customers to easily view and order products with options to
customize
Offer free standard shipping and returns on all online orders

E-commerce activities & Social media activities

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Focus on Instagram to attract millennials (since Instagram is the platform a lot of

millennials are on to reach more followers)
o Shift from FB to Instagram
o
o Post eye-catching images to highlight brands product to boost brand
awareness, engage shoppers and drive sales
o Good link authority, can get to fossils website through Instagram/other
social media
o After implementing this in June 2015, Instagrams following has grown
480% in 6 months
#FossilAddict
#FossilPresents
o Event series, they had a concert with Foster the People at South by South
West in Austin, TX

Search Engine Optimization

Overall Fossils SEO is pretty decent. They amount of organic search they get
isnt extremely good compared to how much they spent. As displayed below,
Fossil pays more than 2X its competitors for certain keywords: Fossil Group
while for Fossil Watch Fossil pays only of what their competitors pay

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Fossils Social Mention score is also okay. Although the strength of Fossils online
presence is only decent, people seem to be very neutral in how they perceive the
brand. This may not necessarily be a bad thing, but its something Fossil can
definitely try to improve on. This is definitely an avenue Fossil can improve on to
best utilize the benefits of social media to improve brand value and loyalty.

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Social Media Strategy

Twitter
They post things relevant to any holidays or big events that happen at the
time (Brussels, Easter)
Posts highlight their products on a daily basis
They also post sweepstakes on their twitter
Posts are aesthetically pleasing, well made, high quality, original
Overall:
o They post a variety of things from promotional items, to ideas on
how to wear their products, to products catered to different seasons
and holidays.

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Facebook
Most of the posts are identical to those on Twitter (same picture, same
text; they are likely using a social media tool like Hootsuite)
2,200,000 likes on Facebook
Consistently get around 100-200 likes on each post with around 10-30
shares on each post
Lots of link authority, to websites where you can buy products and
other social media platforms
Overall:
o The posts are well planned,
consistent and showcase the
products in a pleasing fashion

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Instagram

1,492 posts, 460k followers

Posts get around 10k likes, 50 comments
Posts are all identical to those on FB and Twitter
Overall:
The same as their Facebook and Twitter. They have nice quality posts
that do a good job of promoting their products

Pinterest
They have 47,600 followers
5,000 pins
100,000 likes
Their boards consist of products theyre promoting (Fossil Q Wearables),
Mothers Day promotional items, classic, color, design, culture, DIY, Vintage,
seasonal
Overall, the Pinterest boards all cover a variety of different interests and do a
good job of showcasing different styles for different types of consumers

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YouTube

2,352 subscribers
2.4 million views total
Joined August 2009
They dont frequently post
They introduce new products/lines
The videos are creative ways to gift, centralized around gift giving, give
consumers tips and how to videos and promote themselves while doing it
Overall its a nice channel but its not updated frequent enough and therefore is
not very effective.

Tumblr

Posts are infrequent (one every month or so)

Get around 5-50 likes/reblogs per post
They have promotional posts and posts that showcase their products that usually
correlate with holidays
Overall, the blog is of good quality, but is not updated frequently enough

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Discuss their brand value and whether it has increased or decreased this year.
The brand value of Fossil has increased this year. Although Fossil sales havent
substantially increased, with the introduction of Fossils new line and the market
potential for wearables, Fossil has a lot of potential this year. Overall, Fossil has a good
potential for increasing its brand value and loyalty. By analyzing Fossils social media
and website it does attempt to engage customers and improve loyalty and garner
interest in the brand, however, with improvements Fossils value could increase
exponentially.
Although the market itself for watches hasnt been growing as much, Fossils
innovative products keep the company relevant in the market. Fossil also doesnt have
a lot of negative publicity, which allows for the company to easily improve its brand
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image in the eyes of its consumers. With more aggressive marketing with a
specialization in social media outreach and engagement Fossil can be just as
successful as other brands like Michael Kors and Kate Spade.

Brand Exploratory
Research Method #1 Qualitative
Free Association
1. When you think of the company Fossil Group what word BEST
describes how you feel?
Involved with the Community/Fashion
Forward/Innovative/Ordinary
2. What type of product would you most readily associate with Fossil
Group
Wallets/Bags/Watches/Jewelry/Wearables
3. What should Fossil improve the most on?
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More Variety Products/Better Customer Service/More Unique

Products/Better Quality Products
4. Which of these words BEST describe how you view the brand
Fossil Group?
Classic American/Affordable/Trendy/Neutral
Results:

Research Method #2
Quantitative
Brand Awareness
1. Have you heard of Fossil Group?
Yes/I think Ive heard of it before/No
2. Do you recognize this product?
Yes/Looks Familiar/No
3. When you want to buy watches which brand would you want to
buy?

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Michael Kors/Kate Spade/Marc Jacobs/Fossil/Other

Results:

Recommendation
Overall Fossil is an excellent
company with a lot of potential to grow and be even more successful. To start with,
Fossils social media platform is excellent. Fossil employs a social media tool to allow it
to post the same content consistently across all its social media accounts. The post
content itself is varied, fairly unique, and quality. However, Fossil should be more
aggressive in their social media tactics. They should work harder to get consumers to
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follow their social media accounts. They do a good job with increasing their follower
base using promotions and should continue to do so. They should try to allocate more
money into their marketing budget to ensure their social media is being utilized to its full
extent. The extra money could go towards advertisement to increase their presence in
the retail market, and really differentiate themselves with their consumer.
Another tactic that Fossil can employ concerning its social media strategy is to post
different things on different platforms. As a consumer, if I were following Fossil on
Facebook, Twitter, and Instagram if I were to see the same 3 posts on every single
media, I wouldnt be motivated or excited about their new product. Fossil should really
try to specialize its different social media sites to cater toward different aspects of their
consumers. For example, Fossil could use Twitter mainly to retweet customers to
engage with them more. Fossil could then use Instagram as a way to show how their
products can be suited to consumers with different styles. Simply by focusing its social
media content on certain, more specific, target market it would bring variety and also
strengthen Fossils image.
As noted before, Fossil should engage even more frequently with its consumers. Fossil
products are unique and very trendy, but it doesnt have a very strong connection with
its consumers. According to the qualitative survey that was conducted, a good portion of
consumers have a dominating neutral feeling towards Fossil. This is not necessarily a
bad thing; however, it is something that Fossil may be able to utilize. Fossil can dedicate
some of its social media channels (Snapchat, Twitter, blog) to engaging with
consumers. This will not only strengthen brand awareness but also brand loyalty and
commitment.
Fossil should aim to increase its presence in the local community by reaching out more
with local schools and businesses. This could be anything from volunteering more as a
company, to sponsoring local races, or just reaching out to schools and talking to them
at assemblies. Involvement in the community whether it be through investment,
integration or involvement can increase customer base, differentiation from other
companies and increase brand trust locally.

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