Fashion brand Fossil, known for its watches, has struck a deal to acquire the Misfit brand, mostly working on wearables nowadays. Fossil wants to use their technology in their own watches.
Goal: watches that measure activity
Misfit will exchange owners for 260 million dollars (242 million euro). Its most well-known product is the line-up of Shine wearables, which measures the user's activity. That technology is what Fossil now wants to transfer into its own watches, but it remains to be seen whether Fossil will launch its own range of actual smartwatches.
Misfit's founder, Sonny Vu, will become Fossil's Chief Technology Officer and will have to take care of the technology's integration within the company structure. Misfit itself will not disappear as a brand as its product range will still be on sale in stores.
Fossil is one of the world's most popular watch manufacturers, with more than 50 million Fossil watches sold on an annual basis.