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Fossil acquires Misfit Wearables for $260 million

Misfit - Fossil

With #Fossil recently releasing the #QFounder #AndroidWear wearable for $275, it was quite clear that the company was aspirational about the wearable industry on the whole. Well, the company has now announced the acquisition of popular fitness and wearables manufacturer #Misfit for an estimated $260 million.

The company was founded back in 2011 by Sunny Vu and ex Apple CEO John Sculley. Vu will become the President and CTO of Fossil’s connected devices group post the acquisition.

We fundamentally believe consumers care about both technical functionality and fashionable design. In fact, one without the other is simply not enough. With the acquisition of Misfit, Fossil Group will be positioned to win with the connected consumer,” said Greg McKelvey, who is the chief strategy and digital officer at Fossil Group.

The acquisition of Misfit should be a sign of things to come from Fossil. The clothing/accessories manufacturer has a wide following across the world and stepping into the smartwatch or fitness tracker market will certainly help build its brand even further.

Source: Fossil

Via: Droid Life