One of the leading watch manufacturing brands of the world, Fossil has gone on to acquire Misfit, a fairly well-known name in the world of wearables and fitness tracking. With this acquisition, Fossil will finally enter the much talked about category of wearable devices and fitness trackers where some of its competitors such as Tag Heuer have already set a foot, with an Android Wear device.
Misfit has been in the market for making rather budget wearables without any screen like the Shine 2. Their USP has been surprisingly accurate results alongside an epic battery life that lasts good over 6 months. They have in the past tied up with the likes of Speedo and Swarovski in the past, but lack of a big brand name has kind of outdone some of good work that Misfit has done and not gotten them the sort of recognition that they have deserved in order to compete with the likes of Nike and Fitbit which are big in this space.
Kosta Kartsotis, CEO of Fossil Group said:
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.
The acquisition cost stands at $260 million and the integration of Misfit products into the Fossil line could begin as early as the beginning of next year itself.