Fossil is a well-established company that designs and manufactures Watches and other accessories, the company has now acquired MisFit a fitness wearable company that has launched few fitness bands in India as well. The acquisition is aimed to bring traditional timepieces and fashionable accessories. Fossils group are hoping to complete the acquisition by the end of this current financial year, 2015. The purchase cost $260 will be transferred through a combination of cash and bank debt.
Fossils is planning to expand and scale the MisFit technology across Skagen and targeted portion of its portfolio of 16 brands from 2016. Sonny Vu will be leading the Fossils group in president role and will actively be a member of the company’s executive leadership team. Fossil Acquires MiFit should do some interesting improvements for both the brands.
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.