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Fossil Group to acquire wearable tech company Misfit
Fossil Group has entered into a definitive agreement to acquire Misfit, Inc., a wearable technology company.
The acquisition will enable Fossil Group to expand its addressable market, offering both traditional timepieces and connected accessories. Misfit brings to Fossil Group a scalable cloud and app platform, a software and hardware engineering team and a pipeline of products. "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 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."
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