Earlier this week we say luxury brand TAG Heuer enter into the wearables market with the launch of the Connected Watch, and now contemporary watchmaker Fossil looks set to join the fray with more than just a smartwatch of its own.
A new report today posits that Fossil plans to acquire Misfit, the makers of the popular Shine fitness tracker, for a cool $260 million USD before the end of 2015. “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.” said Fossil Group chief executive officer Kosta Kartsotis.
In good news for Misfit fans, Fossil plans to incorporate Misfits’ technology into its own watches while simultaneously continuing to allow Misfit to produce its own trackers.
In an equal trade, then, Misfit will be managed by Fossil’s distribution and manufacturing expertise, while Fossil will integrate Misfit’s technology.
Fossil has confirmed that it will provide employment to all of Misfit’s employees and that Sonny Vu, chief executive and co-founder of Misfit, will become president and chief technology officer at Fossil Group.
What’re your thoughts on Fossil’s newest gambit? Be sure to let us know in the comments below!