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,…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
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.