Did you ever heard of a fashion company interested in buying a tech company? well, that could be possible when it comes to wearables, Fossil seems to take wearable tech department very seriously, first by unveiling Fossil Q series smartwatches and wristbands, and now by buying a whole tech company, which is Misfit.
Fossil wants to spread its variety of connected wearables, and the best way to do it is to partner with an experienced company, Misfit is a good choice when is comes to long battery life skills, fitness tracking features along with the new home control features, the Texas company will pay a $260 million to integrate Misfit inside of its big fashion world, Fossil is going to keep Misfit’s CEO Sonny Vu and let him do what he is good at, making powerful wearable tech.
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Fossil Group will be uniquely positioned to lead the convergence of style and technologyKosta Kartsotis
Kosta Kartsotis, the chief executive officer of Fossil Group said: “We have a significant opportunity to add technology and connectivity across our platform of watches and accessories, 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.” On the other hand, Sonny Vu has also expressed his enthusiasm to join Fossil by stating: “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, 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.”
I think we can expect big and powerful products coming from this alliance, the fashion brand is expected to finish the contract and get Misfit later this year, and while waiting for this big announcement, a bigger one is also rumored, Google is trying to purchase Jawbone! Stay tuned for more updates about this story.