Fossil Group has announced that it is acquiring the smart wearable maker Misfit for $260 million. Misfit is known for making activity and fitness tracking wearable device including Shine, which comes at $99 and tracks fitness activity and sleep. Sonny Vu, the founder and CEO of Misfit will become the CTO of Fossil.
Currently wearable market is growing, but it has also become very crowded. Currently various companies are making smart wearable that tracks your daily activity and sleep. This $260 million deal will allow Fossil group to access to the team that has been trying to make a very attractive fitness wearable device for years. The watchmaker said that they will include Misfit’s tech into their watches from next year.
Misfit was founded by Sonny Vu in 2011 and has been making sleek and affordable activity trackers since then. The startup has launched Shine 2, which comes with very good battery that lasts for six months. The startup has also made sleep monitor and smart bulbs. Company has also tied up with some companies, but didn’t found much success in the wearable market.
The CEO of Fossil Group Kosta Kartsotis said in a statement, “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.”
Finally, it looks like the watchmaker is ready to embrace wearable technology to its products.