Richardson, TX—Soon you’ll have no excuse to be late for a Chanel runway show. Karl Lagerfeld, who directs Chanel, Fendi and his namesake brand, plans to launch a namesake watch collection in Spring 2013.
Fossil Inc. said Wednesday that it established a “strategic partnership” with Lagerfeld to design, develop and distribute men’s and women’s timepieces. Said Pier Paolo Righi, president at Karl Lagerfeld: “It is essential for us to work with the best license partners in each segment—that is why we are happy to partner up with Fossil.”
Mark Quick, vice chairman at Fossil, said: “We look forward to working with Karl Lagerfeld. It is a pleasure to work with such an inspiring fashion visionary.”
Lagerfeld made fashion news earlier this month when he announced a new “accessible” fashion brand called Karl—described as a “rock chic” brand—which is backed by private equity firm Apax.
The initial Karl collection will be sold exclusively the first month, January 2012, through net-a-porter then on a dedicated website and select retailers after that next spring.
The watch deal and the new Karl brand are part of Karl Lagerfeld BV, a company that has more than $139 million in sales through various licensing and co-branding deals.
“We would be disappointed if we did not multiply by four or five our sales within five years,” Righi told Reuters on Monday.