Fossil Acquires Wearables Firm Misfit for $260m
- Friday, November 13th, 2015
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Misfits products include the Shine and Flash activity trackers, connected lightbulb Bolt and sleep monitor Beddit, as well as tie-ups with brands Speedo and Swarovski.
Fossils first wearable devices, the Q smartwatch range, launched a few weeks ago, but this acquisition is intended to expand its presence in the space, across a targeted portion of its portfolio of 16 brands in 2016.
As well as providing its technology, both hardware and software, Misfit opens up new distribution channels and product areas for the brand, encompassing music, fitness, healthcare and digital entities.
Overall, the intention seems to be creating more attractive and fashionable wearable devices, in line with Fossils existing brand.
“We have a significant opportunity to add technology and connectivity across our platform of watches and accessories,” said Fossil CEO Kosta Kartsotis. “With the acquisition of Misfit, Fossil Group will be uniquely positioned to lead the convergence of style and technology and to become the fashion gateway to the high-growth wearable technology and connected device markets.”
Misfit will continue to develop and sell activity trackers under its existing brand. Founder and CEO Sonny Vu is moving to Fossil, and has been appointed CTO and president of connected devices.