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.
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.
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.
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.