Watchmaker Fossil Group has agreed to acquire the wearable startup Misfit for $260 million, reports the WSJ. Fossil says it plans to incorporate Misfit's technology into its products (including traditional watches) as early as next year.
“If you don’t have a brand it is hard to be legit in this space,” said Sonny Vu, chief executive and co-founder of Misfit. Vu will become the president and chief technology officer for the connected devices division for Fossil once the companies integrate.
“We believe it isn’t about function. It is about function and design and branding,” said Greg McKelvey, chief strategy officer and digital officer at Fossil Group. “We see tremendous growth opportunity and that a lot of our jewelry and watches could be connected devices,” he said.
Fossil says it plans to continue producing Misfit's own products, but will also incorporate their technology into products that look like traditional watches. Fossil's acquisition of Misfit could help reinvigorate the brand and enable it to compete with other smart watches and activity trackers.
We've written about Misfit's products before, including their watches, activity trackers, and smart bulbs.
Fossil's acquisition of Misfit, along with TAG Heuer's recently announced connected watch, clearly shows how the watch industry is beginning to embrace technology.
“If you don’t have a brand it is hard to be legit in this space,” said Sonny Vu, chief executive and co-founder of Misfit. Vu will become the president and chief technology officer for the connected devices division for Fossil once the companies integrate.
“We believe it isn’t about function. It is about function and design and branding,” said Greg McKelvey, chief strategy officer and digital officer at Fossil Group. “We see tremendous growth opportunity and that a lot of our jewelry and watches could be connected devices,” he said.
Fossil says it plans to continue producing Misfit's own products, but will also incorporate their technology into products that look like traditional watches. Fossil's acquisition of Misfit could help reinvigorate the brand and enable it to compete with other smart watches and activity trackers.
We've written about Misfit's products before, including their watches, activity trackers, and smart bulbs.
Fossil's acquisition of Misfit, along with TAG Heuer's recently announced connected watch, clearly shows how the watch industry is beginning to embrace technology.