Fossil Group to acquire Misfit Wearables for 260 million dollars

Fossil Group, the American manufacturer of watches and other fashion accessories has announced that they have entered into an agreement to acquire Misfit,Inc, one of the key players in wearable tech market. With Misfit acquisition, Fossil Group will get scalable cloud and app platform and a top class h/w and s/w engineering teams. Fossil Group will pay $260 million to acquire Misfit Inc. Fossil Group is planning to inject Misfit’s tech across Fossil, Skagen and 16 other brands under Fossil Group in 2016.

“We have a significant opportunity to add technology and connectivity across our platform of watches and accessories,” said Kosta Kartsotis, chief executive officer of Fossil Group. “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.”

“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.”