Fossil to Buy Skagen Designs for $236.8M
Fossil Inc., the $2.4 billion accessories company, will acquire Skagen Designs Ltd. for about $236.8 million in a cash and stock deal, continuing Fossil’s movement toward more lifestyle-oriented products.
The deal is comprised of $225 million in cash and 150,000 shares of Fossil Inc. common stock. Skagen may receive up to 100,000 additional shares of Fossil common stock if Fossil’s net sales of Skagen products exceed certain thresholds. The deal is expected to be finalized next month.
Skagen Designs, based in Reno, was founded by the husband-and-wife team of Charlotte and Henrik Jorst in 1989. Concentrating on modern Danish design, Skagen’s products run the gamut from watches and jewelry to sunglasses and clocks. The company, which has kept a low profile, generates about $130 million in sales.
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Pomellato Opens Largest Boutique in Beverly Hills
BEVERLY HILLS — Italian jeweler Pomellato has opened its largest boutique to date, a 5,000-square-foot, two-story space at 320 Rodeo Drive here. Following U.S. locations in New York, Bal Harbour, Fla., and Chicago, the store, framed by a stone facade emulating Roman arches, is the first to house both the signature collection and its younger brand, Dodo.
