Fossil Group, a prominent player in the smartwatch industry, has made a surprising announcement – it is exiting the smartwatch business. The company has decided to redirect its resources towards its core strengths and segments that offer strong growth opportunities. This move will leave a significant gap in the market, as Fossil has been known for its prolific production of Wear OS smartwatches.
According to Fossil spokesperson Amanda Castelli, the decision to exit the smartwatch business was driven by the evolving landscape of the industry. She stated, “As the smartwatch landscape has evolved significantly over the past few years, we have made the strategic decision to exit the smartwatch business.” Fossil Group will now focus on designing and distributing traditional watches, jewelry, and leather goods under its own brand as well as licensed brand names.
The Fossil Gen 6, which was launched in 2021, will be the last smartwatch from the company. However, Fossil has assured customers that it will continue to provide updates for existing Wear OS watches for the next few years. This news may not come as a surprise to some, as there were reports on Reddit suggesting that Fossil was planning to withdraw from the smartwatch business. Speculations were also circulating about the company waiting for a new chipset. Fossil’s absence from CES earlier this month further fueled these rumors.
Interestingly, Fossil was expected to announce a new Gen 7 smartwatch featuring the Qualcomm Snapdragon W5 Plus platform in 2023. However, no such announcement was made, leaving many wondering about the company’s plans. Now, with the official confirmation of Fossil’s exit from the smartwatch market, it is clear why there was silence regarding any new releases.
Fossil’s decision to leave the smartwatch business will undoubtedly have an impact on the market. The company has been a prominent player in the industry and has contributed to the development and innovation of Wear OS smartwatches. With their departure, other brands will need to step up to fill the void and cater to the growing demand for smartwatches.
In conclusion, Fossil Group’s exit from the smartwatch business marks a significant shift in the industry. The company’s decision to focus on its core strengths and segments reflects the evolving landscape of the smartwatch market. While this may come as a disappointment to some, Fossil’s legacy in the industry will be remembered, and it remains to be seen how other brands will seize the opportunity to capture the market share left behind by Fossil.