Fossil Sees Misfit Acquisition as ‘Catalyst’ To Reverse Recent Sales 'Headwinds'
For Fossil, the traditional watch category “remains sluggish, as tech-enabled devices offer consumers additional choices,” CEO Kosta Kartsotis said on an earnings call Thursday. “Technology is emerging as the latest trend in fashion with a growing interest in wearable technology,…
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inspiring new entrants into the watch space, as well as explosive growth in activity trackers,” he said. That is why Fossil decided to buy activity-tracker supplier Misfit for $260 million cash, he said. The acquisition “will allow us to combine our key competitive advantages in design, sourcing, distribution and powerful brands with a business that is already a recognized player in technology-infused accessories and possesses a world-class software and hardware engineering team that stays ahead of emerging technology trends,” he said.