Richardson, TX– Only weeks after introducing its first smartwatch collection, Fossil Group, Inc. announced Thursday that it plans to buy Misfit Inc. an innovator in wearable technology and stylish connected devices, for $260 million in cash and bank debt.
The acquisition will enable Fossil to expand its offering of fashionable connected accessories. Misfit brings to Fossil Group a scalable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.
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“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.”
Sonny Vu will serve as president and chief technology officer of connected devices for Fossil Group, Inc., and will be a member of the company’s executive leadership team.
By acquiring Misfit and its technical advances, Fossil Group will own a technology platform that has already solved many of the hardest problems in wearables, including battery life. Plans call for expanding Misfit’s technology across Fossil, Skagen brandsand a targeted portion of its portfolio of 16 brands in 2016,.
“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.”