Fossil acquires Misfit!
Late last week, it was announced that Fossil Group is planning to acquire one of our favourite wearables company’s, Misfit, for $260 million. The brand that first came to our attention with the Shine tracker will apparently be kept around, with Misfit founder and CEO Sonny Vu staying on as president and chief technology officer of connected devices at Fossil, an executive-level position.
Greg McKelvey, chief strategy and digital officer of Fossil Group, said: “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. 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.”
Sonny Abu added: “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.”
We’ll have to wait and see how the combination of a watch making powerhouse and upstart wearable brand will be able to take on market leaders like Fitbit and the growing number of smartwatch brands.