Global design and innovation company Fossil Group will be selling select smartwatch technology to Google. Known for specialising in lifestyle accessories, they have agreed to sell intellectual property (IP) related to a smartwatch technology currently under development by Fossil Group for $40 million.
Boasting a diverse portfolio of owned and licensed brands that include jewellery, handbags, small leather goods and wearables, smartwatches, for the Fossil Group, have become their fastest-growing category. So far the company successfully developed and launched smartwatches across 14 of its owned and licensed brands.
As part of the transaction, a portion of Fossil Group’s research and development (R&D) team now supporting the transferring IP will join Google. On the deal between the Fossil Group and Google on Greg McKelvey, Executive Vice President and Chief Strategy and Digital Officer, Fossil Group said: “Fossil Group has experienced significant success in its wearables business by focusing on product design and development informed by our strong understanding of consumers’ needs and style preferences. We’ve built and advanced a technology that has the potential to improve upon our existing platform of smartwatches. Together with Google, our innovation partner, we’ll continue to unlock growth in wearables.”
“Fossil Group has experienced significant success in its wearables business by focusing on product design and development.”
With the transaction between the two companies expected to close this month Stacey Burr, Vice President of Product Management, Wear OS by Google added: “Wearables, built for wellness, simplicity, personalisation and helpfulness, have the opportunity to improve lives by bringing users the information and insights they need quickly, at a glance. The addition of Fossil Group’s technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer.”
Retaining more than 200 R&D team members to focus on innovation and product development, the Fossil Group will continue being committed to delivering the best in design and innovation across their owned brands, Fossil, Michele, Misfit, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, BMW, Chaps, Diesel, DKNY, Emporio Armani, kate spade new york, Marc Jacobs, Michael Kors, PUMA and Tory Burch.