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In a week when Tag Heuer unveiled the first smartwatch from a traditional watchmaker, Fossil has now joined in by snapping up a wearable technology company.
The acquisition will see Misfit’s fitness tracking technology – which includes movement trackers and step counters – being integrated into Fossil’s analogue watches.
The wearable firm’s chief Sonny Vu will now join Fossil and become their head of connected devices.
Kosta Kartsotis, Fossil Group’s chief executive said of the purchase: “We have a significant opportunity to add technology and connectivity across our platform of watches and accessories.”
This move, along with Tag Heuer’s announcement of their own smartwatch as part of a collaboration with Google and Intel shows that fashion brands are starting to take wearables very seriously.
The Apple Watch has been repeatedly linked with the industry; via a Vogue cover as well as going on sale in high-end boutiques. Barclaycard’s bPay contactless payment solution has also been integrated into a coat by Lyle & Scott, as well as in a new accessory partnership with TopShop.
Indeed, Fossil themselves said they hope the deal will make the company the “fashion gateway to the high-growth wearable technology and connected-device markets”.
