The increasing demand of cloud space and high-end technology due to huge online data volume has prompted Fossil to acquire Misfit – a smart wearables tech startup, for as much as $260 million. As per the reports, Fossil looks forward to acquiring the application portfolio, cloud platforms and engineering team of Misfit.
The Fossil group owns as many as 16 fashion brands, including Skagen, Fossil, Diesel, Michael Kors and DKNY. It sells over 50 million watches and related accessories in 150 nations. With the expansion of internet of things industry across the globe, the demand for smart wearables has also increased significantly. Fossil group has executed this acquisition so that it can make the best use of the prevailing opportunities in the market.
In a recent statement, Fossil said that Misfit’s cutting-edge technology can do wonders. It has already solved a major problem like battery life in smart wearables, and can touch newer heights in the coming time.
Once the transaction is executed, Sonny Vu, Co-Founder and CEO, Misfit, will be appointed as the CTO and President of connected devices vertical at Fossil Group.
Misfit was founded in 2011 in California. It got a VC funding of $63 million soon after being launched. As of now, it employs over 220 people in China and U.S. You can click here to know more about this deal.