Fossil Group has this week announced that it will be acquiring the wearable manufacturer Misfit, who are known for devices like the Shine and Flash.
Misfit was started 4 years ago, during which time it has made some smart home device, along with some trackers that are available with a massive price tag.
And now the company will be acquired by Fossil Group for $260 million, with plans to use the company’s technology with its own timepieces and connected accessories, which will likely include its recently announced smartwatch and wearable technologies.
The co-founder and CEO of Misfit, Sonny Vu will also join Fossil Group as the company’s president and CTO.
“We are thrilled to join forces with Fossil Group to usher in the next era of wearables where elegance, beauty and long-lasting wearability are paramount,”Sonny Vu said statement. “Together, we will introduce products that blend Misfit’s seamless, intuitive technology and user experience with the design, style and branding that is the hallmark of Fossil Group.”
Misfit will continue to develop activity trackers under the Misfit brand after the acquisition, whilst building their technology into Fossil’s by 2016, Fossil Group expects that the acquisition will close before the end of fiscal 2015.