MILAN — Diesel said Wednesday it has signed a licensing agreement with Fossil Inc. for the production and distribution of its new jewelry collection.
The license will last five years and is renewable for another five. This is the second license Fossil worked on in August. Last week, WWD reported the company is close to a deal to produce timepieces for Guess Inc., taking over from Timex Corp.
The first Diesel jewelry collection under the Fossil license is expected to be introduced at the Baselworld Watch & Jewellery show in Basel, Switzerland, in April, and will comprise about 80 pieces. The collection will retail at Diesel's more than 180 brand stores and selected multibrand and jewelry retailers around the world. It will range in price from $35 to $700.
Harold Brooks, president of Fossil Watches & Fashion Brands, said in a statement that Fossil and Diesel "are young and dynamic companies with a product offering different from any other, and the jewelry collection will capture this spirit."
Two years ago, Diesel ventured into the jewelry sector with a small collection produced by Zancan and Pianegonda that was exclusively distributed at the company's brand stores.
"We think it is time for a new era to start in this market, with less costly and more creative products," Renzo Rosso, founder and president of Diesel, said in a statement.
Fossil already produces Diesel's watch collection, Diesel Time Frames, launched in 1999. Fossil also holds licenses for watches with Marc Jacobs, Michael Kors, Burberry, DKNY and Emporio Armani. The company owns the Fossil, Relic, Michele, MW Michele and Zodiac watch brands.
Sales at Diesel for 2004 amounted to $1.25 billion. There were no sales projections given for the new jewelry collection.
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