Apple's launch of the Watch in April 2015 has had a profound impact on the watch business. Media attention has focused for the most part on whether Apple poses a threat to Swiss watchmakers. (Not without reason: It is affecting the high-volume, under-$1,000 segment of the Swiss industry.)

But the Apple Watch's biggest impact, as we noted here a few months ago, has been on the watch industry's huge fashion-watch segment, whose leader is the Texas-based Fossil Group. Fossil Group sales, which were at record highs in 2014, have been clobbered since the Apple Watch launch. So has its stock price.

So how goes Fossil's slugfest with Apple? The release of Fossil's 2017 financial results and its earnings call with financial analysts on Tuesday offered some insights.