Fossil Group agreed for Google to acquire smartwatch technology
Fossil Group has announced that it will sell select smartwatch technology to Google for $40 million intellectual property currently under development by Fossil Group. As part of the deal, Google will retain the members of Research & Development team currently supporting the transferring.
Fossil group is a global design, marketing, distribution & innovation company specializing in lifestyle accessories. They have proved their commitment by delivering best in design & innovation across their owned brands, Fossil, Misfit, Zodiac, and licensed brands Armani Exchange, BMW, March Jacobs, etc.
This venture will bring Google ahead in the wearable industry and compete with Fitbit, Apple, and others. As, in the recent years smartwatches have become Fossil Group’s latest growing category, this transaction showcases both of the companies’ investment in the wearables industry enabling a diverse portfolio of smartwatches & supporting the ever-evolving needs of the vitality-seeking consumers.
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