Fossil Group-backed wearable-tech co Misfit launches jewellery with fitness tracker

The new products of Misfit Wearables, in partnership with BaubleBar. Visual from Misfit Wearables' website.

Misfit Wearables, a US-based sensor technology-based product manufacturer which has entered an agreement to be acquired by watchmaker Fossil Group for $260 million, announced a partnership with jewelry company BaubleBar that will combine fashion jewellery with the wearable fitness tracker.

The Helena Necklace and Helena Bracelet will be soon released as fashion  accessories that also track human health.

Misfit Flash, which has the functions that track user’s sleep and activity levels, including, calories burned, distance traveled, steps-taken and sleep quality- will now be available in form of a gold locket with crystal pattern.

This partnership is another fashion-forward move for the Fossil Group -Misfit, following their deal announcement on November 12.

The Fossil Group – which is known for its high-end watches by designer Michael Kors – said it would purchase the wearable technology developer in a $260 million cash-and-bank debt deal.

Misfit was founded in 2011 by overseas Vietnamese Sonny Vu, John Sculley, the former CEO of Apple and Pepsi, and Sridhar Iyengar, co-founder and former CTO of AgaMatrix.

The acquisition, which will provide Fossil Group with Misfit’s scalable cloud and app platform, and software and hardware engineering team, is expected to enable the buyer’s ability to expand its addressable market, offering consumers both traditional timepieces and fashionable-connected accessories.

Also Read: Fossil Group to acquire fitness tracker firm Misfit in $260m deal

Fossil Group expects the acquisition to close before the end of 2015, subject to customary closing conditions and regulatory approval. Vu, founder and CEO of Misfit, will serve as president and CTO of connected devices for Fossil Group, and will be a member of the company’s executive leadership team.

A recent report on wireless health and fitness devices by Researchandmarkets.com profiles 184 companies in the health monitoring device industry, almost 120 of which come from the US market.

Global competition is stiff with companies like Xiaomi, Fitbit Inc and Apple launching similar successful product range.

Established in 2011, Misfit has raised around $63 billion in funding from Xiaomi, GGV Capital, JD.com, Horizons Ventures, Founders Fund, Khosla Ventures and Norwest Venture Partners.

Compared to competitors like Fitbit or Jawbone, Misfit’s success was modest. Fitbit’s stock price reached as high as $52 since its IPO in June this year, although it has been declining toward the debut price of $20. Fibit and Jawbone, along with Nike FuelBands, used to take up 97 per cent of the smart activity tracker market in the US.

Meanwhile, it was not surprising when Fossil Group announced the acquisition of Misfit, as the company has been ramping up smartwatch production, most recently with the $295 Q Founder.

Also read:

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.