Considering that the competition in the smartwatch business has only increased in the last few years, it’s no wonder that Fossil took the decision to drop from the race.
Ironically, Fossil is one of few companies that managed to launch several smartwatches each year. Sadly, it looks like sales were so terrible that pushed Fossil to take this drastic decision.
In a statement for The Verge, Fossil spokesperson Amanda Castelli said the company will redirect its resources to support its core business, leaving the smartwatch market to other players.
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 is redirecting resources to support our core strength and the core segments of our business that continue to provide strong growth opportunities for us: designing and distributing exciting traditional watches, jewelry, and leather goods under our own as well as licensed brand names.
It’s worth mentioning that Fossil confirmed that it will continue to offer updates to its Wear OS smartwatches for a few years, so that’s some good news if you own a Fossil product.
In the following weeks and months, Fossil is probably going to run multiple sales in get rid of its stocks, so be on the lookout for these deals if you’re looking for a cheap, yet stylish smartwatch.
