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Fossil Group has acquired wearable technology company Misfit in a bid to improve its ‘connected accessory’ offering.
The group, which is the parent company of Fossil watches and licensee of other watch brands including Michael Kors and Skagen, said the purchase will allow the company to offer consumers both traditional timepieces along with an expanded ‘connected jewellery’ range.
The addition of Misfit will bring Fossil a cloud and app platform, a software and hardware engineering team, a wearable technology brand and a pipeline of new products.
Kosta Kartsotis, chief executive officer of Fossil Group, said: “We have a significant opportunity to add technology and connectivity across our platform of watches and accessories.
“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.”
The group said that it plans to scale Misfit’s technology across its Fossil and Skagen brands, along with a select portion of its 16-strong portfolio of brands throughout 2016.
