Remember when Fossil said its smartwatches would be updated to Android Wear 2.0 in "mid-March"? Well, it's very rare that when a company outs such a reasonably vague release time frame it then actually commences the rollout on the exact day that constitutes what its timeline implies. But Fossil's doing it. So - "mid-March"? That's March 15, no? Yes. And that's when you should expect your Fossil smartwatch to receive the coveted Android Wear 2.0 update. That is, if it's part of the company's second generation of wearables.
Otherwise, you may have already received an update notification, because the rollout for first generation watches is apparently already underway.
Now all that you can do is wait, but you won't be doing that for long. There are many other smartwatches that should be getting Android Wear 2.0, but rollouts have been few and far between up until this point.