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Danish watchmaker Skagen to be sold to Fossil for 223 mln USD

01-11-2012 09:27 BJT

COPENHAGEN, Jan. 10 (Xinhua) -- Danish watchmaker Skagen Designs will be sold to US watchmaker Fossil for 1.3 billion Danish kroner (about 223 million U.S. dollars), the company said Tuesday.

The sale agreement is in place, and the sale is expected to go through in February, it said in a statement cited by Danish news agency Ritzau.

Skagen Designs has so far been 100 percent privately owned. Company founders Charlotte and Henrik Jorst will continue as consultants for Fossil.

Reasons for the sale were attributed to Fossil's worldwide distribution network, which could help raise the profile of Skagen Design's products, the founders said.

"Access to (Fossil's) extensive distribution channels can help boost our growth and develop Skagen Denmark's full potential," said Charlotte Jorst, in comments cited by Ritzau.

Fossil was founded in 1984. The company now operates in 120 countries, earning around 2 billion dollars in sales in 2010.

Skagen Designs, which is an exponent of the Danish design tradition, was founded in 1989. Its products are sold in some 60 countries today.

Editor:Zhang Hao |Source: Xinhua

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