Fossil has announced that it is buying Misfit in a deal which is worth $260 million, Misfit produces a number of wearable devices and activity trackers.
Fossil has been working on their own connected devices including a smartwatch, so this acquisition makes perfect sense for the company.
“We fundamentally believe consumers care about both technical functionality and fashionable design. In fact, one without the other is simply not enough. With the acquisition of Misfit, Fossil Group will be positioned to win with the connected consumer,” said Greg McKelvey, chief strategy and digital officer of Fossil Group. “Our world-class design and global distribution, combined with Misfit’s technology platform, creates a significantly advantaged, multi‐brand and global wearable technology business poised to drive the convergence of fashion and technology.”
“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,” said Sonny Vu, founder and chief executive officer of Misfit. “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.”
The deal to buy Misfit for $260 million will be funded through cash and bank debt, and Misfit CEO, Sonny Vu will become the Chief Technology Officer at Fossil, you can find out more information about the deal at the link below.
Source Fossil (PDF)
Filed Under: Technology News