Looks like more watchmakers are now ready to enter the wearable space. This time, Fossil Group just announced that they have agreed to purchase wearable maker Misfit for US$260 million. The company plans to incorporate Misfit’s technologies into its products as early as next year. Misfit CEO and co-founder Sonny Vu will become president and CTO of Fossil Group. The company produces watches for brands such as adidas, Emporio Armani, Michael Kors, DKNY, and Burberry.
“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." Kosta Kartsotis, CEO of Fossil Group said in a statement.
Source: The Verge