Nasdaq GlobeNewswire

Fossil Group, Inc. to Acquire Wearable Technology Innovator Misfit

Del

RICHARDSON, Texas, 2015-11-12 22:05 CET (GLOBE NEWSWIRE) -- Fossil Group, Inc. (NASDAQ:FOSL) today announced that it has entered into a definitive agreement to acquire Misfit, Inc., an innovator in wearable technology and stylish connected devices. The acquisition will enable Fossil Group to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to Fossil Group a scalable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.

"We have a significant opportunity to add technology and connectivity across our platform of watches and accessories," said Kosta Kartsotis, chief executive officer of Fossil Group. "With the acquisition of Misfit, Fossil Group will be uniquely positioned to lead the convergence of style and technology and to become the fashion gateway to the high-growth wearable technology and connected device markets."  

The acquisition will enable Fossil Group to:

  • Own a technology platform that has already solved many of the hardest problems in wearables, including battery life.
  • Scale Misfit's technology across Fossil, Skagen and a targeted portion of its portfolio of 16 brands in 2016, ultimately accelerating the company's connected accessory roadmap.
  • Expand its addressable market with new distribution channels, new products, new brands and new enterprise partnerships, including music, fitness, healthcare and digital entities.  
  • Lead in the connected devices space by harnessing the power of a world-class software and hardware engineering team spearheaded by Misfit Founder, Sonny Vu.

"We fundamentally believe consumers care about both technical functionality and fashionable design. In fact, one without the other is simply not enough. With the acquisition of Misfit, Fossil Group will be positioned to win with the connected consumer," said Greg McKelvey, chief strategy and digital officer of Fossil Group. "Our world-class design and global distribution, combined with Misfit's technology platform, creates a significantly advantaged, multi-brand and global wearable technology business poised to drive the convergence of fashion and technology."

"We are thrilled to join forces with Fossil Group to usher in the next era of wearables where elegance, beauty and long-lasting wearability are paramount," said Sonny Vu, founder and chief executive officer of Misfit. "Together, we will introduce products that blend Misfit's seamless, intuitive technology and user experience with the design, style and branding that is the hallmark of Fossil Group." 

Transaction Details

Fossil Group expects the acquisition to close before the end of fiscal 2015, subject to customary closing conditions and regulatory approval. The purchase price of $260 million, including transaction costs, will be funded through a combination of cash on hand and bank debt.

Sonny Vu will serve as president and chief technology officer of connected devices for Fossil Group, Inc., and will be a member of the company's executive leadership team.

See related press release titled, "Fossil Group, Inc. Reports Third Quarter Fiscal 2015 Results" for additional details regarding the acquisition.

About Fossil Group, Inc.

Fossil Group, Inc. is a global design, marketing and distribution company that specializes in consumer lifestyle and fashion accessories. The Company's principal offerings include an extensive line of men's and women's fashion watches and jewelry sold under a diverse portfolio of proprietary and licensed brands, handbags, small leather goods and accessories. The Company's products are sold to department stores, specialty retail stores and specialty watch and jewelry stores in the U.S. and in approximately 150 countries worldwide through 26 Company-owned foreign sales subsidiaries and a network of approximately 75 independent distributors. The Company also distributes its products in over 600 Company-owned and operated retail stores, through its international e-commerce websites and through the Company's U.S. e-commerce website at www.fossil.com. Certain press release and SEC filing information concerning the Company is also available at www.fossilgroup.com.

About Misfit

Misfit invents and manufactures connected wearable products sold around the world at various retailers and on www.misfit.com. The Company was founded in 2011 by Sonny Vu with John Sculley, the former CEO of Apple and Pepsi, and Sridhar Iyengar, co-founder and former CTO of AgaMatrix.

Safe Harbor       

Certain statements contained herein that are not historical facts, including future earnings guidance as well as estimated impacts from foreign currency translation and restructuring charges, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: changes in economic trends and financial performance, changes in consumer demands, tastes and fashion trends, lower levels of consumer spending resulting from a general economic downturn, shifts in market demand resulting in inventory risks, changes in foreign currency exchange rates, risks related to the acquisition and integration of Misfit, and the outcome of current and possible future litigation, as well as the risks and uncertainties set forth in the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2015 filed with the Securities and Exchange Commission ("SEC"). These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Readers of this release should consider these factors in evaluating, and are cautioned not to place undue reliance on, the forward-looking statements contained herein. The Company assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

         Media Inquiries:
         
         Ann Jane Draper
         FOSSIL GROUP, Inc.
         (469) 587-2893
         ajdraper@fossil.com
         
         Elin Nozewski
         FleishmanHillard
         (314) 982-1740
         elin.nozewski@fleishman.com
         
         Investor Inquires:
         
         Eric M. Cerny
         FOSSIL GROUP, Inc.
         (855) 336-7745
         
         Allison Malkin
         ICR, Inc.
         (203) 682-8225

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

Partnership With FAST Technologies Expands Aptean's European Footprint17.1.2018 21:00Pressemelding

ALPHARETTA, Ga., Jan. 17, 2018 (GLOBE NEWSWIRE) -- Aptean, a leading global provider of mission-critical enterprise software solutions, has formed a strategic partnership with FAST Technologies in Northern Ireland. This partnership is an important part of Aptean's growth strategy in the European market, specifically the United Kingdom and the Republic of Ireland. FAST Technologies will sell and support one of Aptean's industry-leading process solutions, Factory Manufacturing Execution System (MES). Process manufacturers use Factory MES to gain real-time visibility into production, operations and quality compliance by adopting a true paperless solution. FAST, a leading provider of industrial automation solutions, is well-established with high-volume manufacturers of retail packaged goods and pharmaceutical products. "We are excited to announce this partnership with Aptean. For many years, we have struggled with an appropriate solution that gives our customers an out-of-the-box experienc

Egyptian Steel recognised in the World Finance 100 guide for 201717.1.2018 15:29Pressemelding

LONDON, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Egyptian Steel currently stands as one of the most powerful companies in Egypt. Its prosperity is largely down to the work of founder and CEO, Ahmed Abou Hashima, whose optimistic and bold approach has seen the company go from strength to strength - even in tough conditions. In spite of Egypt's 2011 revolution, which pushed the country through much turmoil, Egyptian Steel was able to take off, having been founded just the year before. Abou Hashima believes that investors shouldn't be put off in times of political uncertainty and economic upheaval. If they are brave, the rewards can be great. And if his organisation's performance is anything to go by, it seems these are wise words; Egyptian Steel's four steel plants now produce 2.3 million tonnes of steel annually. For its outstanding work, Egyptian Steel has been recognised by World Finance in the magazine's World Finance 100 guide, which identifies the world's strongest organisations. Here, co

Investing in Berlin's thriving real estate market17.1.2018 15:05Pressemelding

LONDON , Jan. 17, 2018 (GLOBE NEWSWIRE) -- Germany's capital Berlin may be well known as a vibrant tourist destination - the city welcomed 12.7 million visitors last year - but it also offers fantastic investment opportunities. Currently, the real estate market is flourishing, but it is also constantly changing. As such, investors will find that a little market knowledge goes a long way. In 2018, the trend towards renting out furnished apartments looks set to continue, with renovated properties achieving a high sell-on value. Locations will also remain a key factor in determining property prices. In Berlin, real estate buyers will find that high-demand areas like Mitte, Prenzlauer Berg and Friedrichshain offer solid opportunities for return on investment (ROI). Alongside Berlin, other cities in former-East Germany are proving increasingly enticing to real estate developers. Leipzig, for example, has a thriving student population and good job prospects as a result of investment from Por

Innovative Humanized Research Strategies for Immuno-Oncology Drug Development, Crown Bioscience Hosts a Live Webinar17.1.2018 14:12Pressemelding

SAN DIEGO, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE:6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, will host a webinar on Thursday, January 18, 2018 at 10 am EST (3pm BST/UK), presented by renowned immunologist, Dr. Jayant Thatte. Dr. Thatte will review currently available humanized models and describe innovative applications for preclinical immuno-oncology research. The evaluation of immunotherapeutics is hindered by a lack of preclinical oncology models that exhibit functional human immunity. To overcome this obstacle, Crown Bioscience uses cutting-edge humanization protocols to develop innovative research solutions with reconstituted, functional human immune components. These humanized models can be combined with human cancer cell lines or patient-derived xenograft (PDX) mo

Colliers Launches Real Estate Technology Accelerator With Techstars17.1.2018 13:30Pressemelding

Partnership with Global Technology Investor and Accelerator Leader Highlights Commitment to Real Estate Industry Innovation TORONTO, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) and (TSX:CIGI), a global leader in commercial real estate services, today announced the launch of the Colliers Proptech Accelerator powered by Techstars. "Disruptive changes in technology, evolving demographics, fierce global competition and increased connectivity are factors impacting all industries," said Dylan Taylor, Colliers President & COO. "And the commercial real estate industry is no exception. Colliers sees this as an opportunity and is committed to being the most enterprising company in our industry by developing innovative and value enhancing services for our clients and professionals. Partnering with Techstars allows us to harness the best and brightest in operating technology accelerators and selectively evaluate and invest in new technologies. The new Colliers

BnkToTheFuture Raises Initial $30 Million for Tokenized Securities Market and Due Diligence Platform17.1.2018 13:15Pressemelding

Largest Online Investment Platform for Fintech, Bitcoin, and Blockchain Ventures to Distribute BnkToTheFuture Token (BFT) for Equity-Backed Token Deals to Accredited Investors GEORGE TOWN, Cayman Islands, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Financial technology investment platform BnkToTheFuture (www.bnktothefuture.com) has raised an initial $30 million for its tokenized equity market and due diligence platform within the first 24 hours of of its token pre-sale open solely to institutional investors and members of its platform. BnkToTheFuture offers the largest online investment platform for investing in the equity of FinTech, Bitcoin, and Blockchain companies as well as Initial Coin Offerings (ICOs) that have passed a stringent due-diligence and compliance process. Already popular as an online investment platform with almost 50,000 professional and accredited investors with over $260 million invested in the funding rounds of FinTech, Bitcoin, and blockchain deals listed on its platform

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom