Manufacturer will continue to produce brand's jewellery and watches.
Fossil Group has today announced the renewal of its global licensing agreement with Michael Kors Holdings Limited for another 10 years, working through to 2024.
The Michael Kors brand, known for its luxury fashion and accessories, has been working with Fossil Group since 2004 on a line of fashion-forward timepieces that are designed, developed and distributed by Fossil Group. The Michael Kors label has become one of the bestselling watch brands in the UK, with its newly-launched jewellery collections following this trajectory throughout 2014.
The relationship between the two companies was expanded in 2010 to encompass jewellery, and the two firms are in the process of collaborating further to grow the Michael Kors men’s watch offer.
Chief executive officer of Fossil Group Kosta Kartsotis said: "We are very proud of our partnership with the Michael Kors brand and our role in contributing to the brand’s explosive growth over the years. This global licensing agreement allows us to further grow the Michael Kors brand and extensive line of watches and jewellery and explore other opportunities in the accessories category. We are pleased to extend our partnership and look forward to collaborating for years to come."
The Michael Kors brand announced last week that its European sales had risen more than 108% in Q2, citing a 42.7% increase in total group revenue and a 16.4% boost in comparable store sales.
Its retail net sales also increased 39.4% to $495.6m (£310.7m) in Q2, driven by 121 new store openings since the end of the second quarter of fiscal 2014 and a 16.4% increase in comparable store sales.
According to Michael Kors chairman and chief executive officer John D. Idol, the fashion house plans to build on the already solid base of fashion watches and jewellery established in partnership with Fossil.
He said: "Accessories are central to the Michael Kors brand DNA, and we will continue to build on that positioning as we grow globally. Fossil’s position as a leader in the global watch market has made them an ideal partner in the design and development of innovative watches and jewellery that capture the sophistication, energy and style of the Michael Kors lifestyle. We have enormous confidence in the future growth of our relationship and the many opportunities that lie ahead."