Obsessed with technology?
Subscribe to the latest tech news as well as exciting promotions from us and our partners!
By subscribing, you indicate that you have read & understood the SPH's Privacy Policy and PDPA Statement.
News
News Categories

The Fossil Group agrees to acquire Misfit for US$260 million

By Kenny Yeo - on 13 Nov 2015, 10:36am

The Fossil Group agrees to acquire Misfit for US$260 million

The Fossil Group has agreed to acquire Misift, the makers of the popular Shine and Shine 2 activity trackers, for US$260 million.

Based in Texas, the Fossil Group includes brands such as Fossil, Skagen and Zodiac Watches. They sell around 50 million watches and accessories each year in around 150 countries. They also make watches for other brands such as Adidas, Michael Kors, Burberry, DKNY and more.

Founded in 2011, Misfit specializes in making sleek and inexpensive activity trackers. Though fairly successful, the company has found it tough to compete in the face of increasing competition from the likes of Xiaomi, Apple and more.

When asked about the acquisition, Greg McKelvey, Chief Strategy Officer and Digital Officer at Fossil Group, said, "“We see tremendous growth opportunity and that a lot of our jewelry and watches could be connected devices."

Kosta Kartsotis, CEO of Fossil Group, also 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."

Fossil plans to integrate Misfit technology into its products as soon as next year. However, it will continue manufacturing and selling Misfit activity trackers.

Source: Wall Street Journal, The Verge

Loading...