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  • Fossil Acquires Wearables Startup, Misfit, for $260 Million

    In an attempt to address the growing smartwatch market, Fossil, the established consumer wristwatch maker announced an agreement to acquire the wearables firm, Misfit, for $260 million. The purchase will allow Fossil to leapfrog costly R&D cycles and accelerate development of products that are meant to compete with the likes of the Apple Watch.

    Fossil just recently forayed into the wearables market with Q, a line of traditional watches that are embedded with activity trackers and smartphone connectivity. The company also markets dedicated bracelet style fitness monitors under the Q brand as well.

    For those of you who didnít know, Misfit, which is co-founded by Apple CEO John Sculley, grants Fossil access to a scalable cloud and app platform as well as the firmís team of seasoned hardware and software engineers. The smartwatch manufacturer is essentially buying a made-to-order wearable tech platform that has been around for more than two years has experience under its belt and has been competing with sector leaders, Fitbit and Jawbone.
    Misfit founder and CEO, Sonny Vu, had the following to say regarding the matter:

    We are thrilled to join forces with Fossil Group to usher in the next era of wearables where elegance, beauty and long-lasting wearability are paramount. Together, we will introduce products that blend Misfit's seamless, intuitive technology and user experience with the design, style and branding that is the hallmark of Fossil Group.
    As of right now, Fossil is saying that it plans to introduce Misfitís technology into 16 of its brands including the Fossil and Skagen watches, all over the course of 2016. The company is not only looking to field new products but it also seems to be considering new brands and enterprise partnerships in the music, fitness, healthcare and technology industries. With Fossil planning to assimilate Misfit, Vu will become president and CTO of connected devices for Fossil Group, Inc. as part of the deal. The $260 million acquisition is currently set to close before the end of the year, all of which is subject to closing conditions and more importantly regulatory approval.

    Source: Fossil Group, Inc. (GlobeNewsWire) via AppleInsider
    This article was originally published in forum thread: Fossil Acquires Wearables Startup, Misfit, for $260 Million started by Akshay Masand View original post