© Fossil Electronics Production | January 21, 2019
Fossil Group to sell smartwatch technology to Google’s
Fossil Group says that its plan to sell USD 40 million worth of intellectual property (IP) related to a smartwatch technology to Google.
As part of the transaction, a portion of Fossil Group’s R&D team currently supporting the transferring IP will join Google. The group retains more than 200 R&D team members to focus on innovation and product development. The transaction showcases Fossil Group and Google’s shared investment in the wearables industry. In recent years, smartwatches have become Fossil Group’s fastest growing category. The company successfully developed and launched smartwatches across 14 of its owned and licensed brands. “Fossil Group has experienced significant success in its wearables business by focusing on product design and development informed by our strong understanding of consumers’ needs and style preferences,” says Greg McKelvey, Executive Vice President and Chief Strategy and Digital Officer, Fossil Group, in a press release. “We’ve built and advanced a technology that has the potential to improve upon our existing platform of smartwatches. Together with Google, our innovation partner, we’ll continue to unlock growth in wearables,” McKelvey continues. “The addition of Fossil Group’s technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer,” adds Stacey Burr, Vice President of Product Management, Wear OS by Google. The transaction is expected to close this month.