Fossil Group Inc, American designer and manufacturers of clothing and accessories on Friday said it would acquire Misfit, the creators of various wearable and sleep trackers for $260 million. The CEO of Misfit, Sonny Vu is appointed as Fossil CTO.
Misfit is the creator of Shine, an activity tracker. They are made of aircraft grade aluminum and costs $99. According to company Shine has a battery life of 6-months. It is competent enough to track a number of activities like walking, running, cycling, swimming , and sleeping. It can be worn as a wristband, necklace or can be attached to clothing through a magnetic clip. Misfit has also launched a lower-priced version of Shine which is named Flash. The cost of Flash is $29.
In an interview with Wall Street Journal, Greg McKelvey, Chief Strategy and Digital Officer at Fossil group said that they see tremendous growth opportunity and that a lot of our jewelry and watches could be connected devices.
Fossil is planning to integrate Misfit’s technology into products that look like traditional watches, rather than rubber fitness trackers. Fossil also plans to continue producing Misfit’s own products. McKelvey also said the Misfit’s battery life innovation appealed to Fossil.
For Fossil, the acquisition could help bolster its product offerings