Here’s Why Fossil Group Stock Tanked After Briefly Hitting 52-Week Highs

What happened

Shares of Fossil Group (NASDAQ:FOSL) briefly hit 52-week highs on Monday morning of $13.61 per share, according to Yahoo Finance. Then, seemingly for no reason, the stock began to tank. It turns out a prominent watch designer signed a big deal today, but it was not with Fossil. This could be the cause of Fossil stock’s huge drop. As of of 3:45 p.m. EST, the stock was down 26{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49}.

So what

Giorgio Armani owns a luxury brand company named after himself. Included in his luxury offerings are watches and jewelry, a big part of Fossil’s business.