Fossil Group shares were slumping 7% Thursday even though the company said it will double its wearables production to 300 new products and add new brands this year. Several Fossil Group brands announced new connected products Jan. 5, with Armani Exchange entering the wearables market with the introduction of Armani Exchange Connected, a collection of hybrid smartwatches.
Skagen introduced the Jorn and Hald hybrid smartwatches, offering thinner case sizes. Misfit unveiled Vapor, the brand’s first touchscreen smartwatch featuring heart rate, GPS and a standalone music functionality.
“We’re creating more options to seamlessly integrate desired tech features into our customers’ style and lifestyle,” said Greg McKelvey, chief strategy and digital officer, Fossil Group. In 2016, Fossil Group launched more than 140 wearables across Chaps, Diesel, Emporio Armani, Fossil, Kate Spade New York, Michael Kors, Misfit and Skagen brands throughout 40 countries and in 20 languages, according to a company statement.