In a recent declaration, Fossil has affirmed its dedication to delivering ongoing updates for its existing lineup of smartwatches running on the Wear OS platform. The company assures users that it will continue supporting and enhancing the functionality of its current range of smartwatches in the foreseeable future.
Fossil Group has officially declared its departure from the smartwatch industry, citing a strategic decision, according to a recent report. The company first ventured into the smartwatch market nine years ago in 2015 with the introduction of the Wear OS-powered Fossil Q Founder. Its latest offerings include the Fossil Gen 6 smartwatch launched in 2021, followed by the Fossil Gen 6 Hybrid in 2022, marking the conclusion of its smartwatch endeavors. Speculations surrounding Fossil’s potential exit from the business intensified when the company was notably absent from the Consumer Electronics Show (CES) 2024.
The Verge reported on January 27 about Fossil Group’s withdrawal from the smartwatch segment. Jeff Boyer, Executive Vice President and Chief Operating Officer at Fossil, informed the publication that the decision to exit the smartwatch market was a strategic one, influenced by the substantial changes in the smartwatch landscape. Boyer stated, “Fossil Group is reallocating resources to reinforce our core strengths and the fundamental segments of our business that continue to present robust growth opportunities.”
Adding to the speculation, a Reddit user shared last month that a Fossil retail store manager had revealed the company’s decision not to introduce a Gen 7 smartwatch. The absence of Fossil from CES 2024 further fueled rumors of its potential exit from the smartwatch segment.