US watchmaker Fossil Group has announced that it will be acquiring startup company Misfit for $260 million. Misfit's current CEO and co-founder, Sonny Vu, will become the CTO of connected devices for Fossil Group.
Misfit is a wearable device manufacturer, maker of fitness trackers such as the Misfit Shine and the recent Misfit Shine 2. Fossil plans on using Misfit's technological knowhow into standard watches while also continuing existing Misfit products to sell alongside. Fossil recently announced its entry into the wearable space, with the launch of two fitness bands, a standard watch with some smart functionality, and an Android Wear device.