Fossil Group, Inc. to Acquire Wearable Technology Innovator Misfit
(Thomson Reuters ONE) -
Acquisition of Leading Technology Platform and World-Class Engineering Team Will
Fuel Rapid Growth in Wearable Technology
RICHARDSON, Texas, Nov. 12, 2015 (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.
CONTACT: Media Inquiries:
Ann Jane Draper
FOSSIL GROUP, Inc.
(469) 587-2893
ajdraper(at)fossil.com
Elin Nozewski
FleishmanHillard
(314) 982-1740
elin.nozewski(at)fleishman.com
Investor Inquires:
Eric M. Cerny
FOSSIL GROUP, Inc.
(855) 336-7745
Allison Malkin
ICR, Inc.
(203) 682-8225
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Fossil Group, Inc. via GlobeNewswire
[HUG#1966326]
Datum: 12.11.2015 - 22:03 Uhr
Sprache: Deutsch
News-ID 434368
Anzahl Zeichen: 8454
contact information:
Town:
Richardson
Kategorie:
Business News
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