From Baron Funds' first quarter letter: Fossil, Inc. (FOSL
), the consumer fashion company that sells watches and accessories under its own brand and prominent licenses, rose 66% in the quarter. Its stock had been depressed over concerns that Fossil's business in Europe would slow and that it could not keep up its recent breakneck growth rate. However, the company reported continued strong sales, increased pace of store expansion, and an accretive acquisition of another watch brand. We continue to be excited about the substantial growth potential ahead, especially in Asia-Pacific, and believe the company deserves to trade at a higher multiple to reflect the quality of the franchise and its growth potential.We trimmed our position during the quarter into the big move in the stock.
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