Fossil to acquire Misfit to boost capability in wearables
The Fossil Group has agreed to acquire wearable player Misfit with a view to expand its product range and cater to demand for wearables. The purchase price of $260 million (£171.4m) will be funded via cash and bank debt.
Sonny Vu, founder and chief executive officer of Misfit, will the join the Fossil Group as president and chief technology officer of connected devices, while also serving on the company’s executive leadership team.
The acquisition will allow Fossil to...