Fossil Group has announced the acquisition of Misfit, the wearable fitness tracker-maker. Misfit is the name behind popular Shine 2 fitness tracker, which lasts more than 6 months on a coin battery.
Fossil’s acquisition comes close on the heels of Swiss watchmaker Tag Hueur’s foray into the smartwatch arena. Tag Hueur’s Connected smartwatch cost $1500, runs Android Wear and was developed in close conjunction with Google and Intel.
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“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, Misfit in a press statement. Fossil aims to bring Misfit’s app platform to its traditional timepieces.
Misfit founder Sonny Vu will now lead the connected devices platform by incorporating Misfit’s software and hardware into Fossil’s traditional watches. “We have a significant opportunity to add technology and connectivity across our platform of watches and accessories,” said Kosta Kartsotis, CEO, Fossil Group.
Fossil Group expects the deal to close before the end of this fiscal year and the purchase price will be $260 million.