I have the slightly older version of this watch but the band design is identical.  The issue is the only source for this band is Skagen.  Fossil bought them out in early 2012 and discontinued parts purchases for these watches.  You can't buy the band from them anymore, you must send the watch in and have them do it.  That will set you back around $40 including the cost of your shipping it to them, and they say it takes 4-6 weeks to get it done.

Before buying, try this: visit the Skagen web site and call their 800 number for customer service. Ask about buying a replacement band for a Skagen watch.

I for one regret getting the watch.  While it's been a good timepiece, the cost of band replacement, having to send it back to them for such a simple thing and then waiting up to 6 weeks is the epitome of screwing your customers.

Update: After sending in the watch for getting a new band in December 2012, their repair service ruined the watch.  They did replace the band but they also opened the case to replace the battery (it wasn't sent in for anything but a new band!) and broke the plastic ring that keeps the movement in place.  After some back and forth with the repair service, the company did make good and gave me a gift certificate to get a new watch of comparable value.  I got one that did not have a proprietary band.  Do yourself a favor and avoid any Skagen watch with a proprietary band.