Fossil Group To Acquire Wearable Tech Giant Misfit

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Fossil Group is set to acquire wearable technology innovator, Misfit, in a deal worth $260 million.

The acquisition, which is expected to close before the end of 2015, will see the global watch manufacturer (who currently sell 50 million watches per year) expand upon its successful portfolio of fashion watches by harnessing Misfit’s position as one of the leaders in the activity tracker market.

Speaking about the acquisition,  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,” McKelvey added.

The acquisition marks a historic milestone in the history of Misfit, who launched their latest wearable ‘Shine 2’, earlier this month. And judging by the company’s previous collaborations with brands like Victoria’s Secret, Speedo and Swarovski, the partnership will continue to provide consumers with fashion-forward and engaging designs.

“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 CEO 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.”

By partnering with Fossil Group, Misfit hopes to gain a stronger brand identity as well as drive the rising convergence of style and technology.

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