For shoppers of a certain age, the Fossil Group was a fixture in shopping malls – with its leather belts, handbags and, of course, quartz watches that were sold in collection boxes.

The fashion watch and accessories company has been remarkably successful for decades, from its founding in 1984 to just a few years after Apple introduced the Apple Watch.

And now it is struggling, as sales in the watch market are increasingly split between high-quality mechanical timepieces from most Swiss manufacturers on the one hand and smartwatches on the other.

Fossil is trying to reduce its activities, develop new products and expand into new markets, especially in China and India.

It clearly has plans for survival and believes that its overall addressable market will grow. But it could be an uphill battle.