Fossil Group Enters Agreement To Sell Select Smartwatch Technology To Google
January 17 2019 - 12:30PM
Fossil Group Enters Agreement To Sell Select Smartwatch Technology
To Google
Today, Fossil Group (NASDAQ:FOSL) announced its plan to sell to
Google for $40 million intellectual property (IP) related to a
smartwatch technology currently under development by Fossil Group.
As part of the transaction, a portion of Fossil Group’s research
and development (R&D) team currently supporting the
transferring IP will join Google. Fossil Group retains more than
200 R&D team members to focus on innovation and product
development.
The transaction showcases Fossil Group and Google’s shared
investment in the wearables industry. In recent years, smartwatches
have become Fossil Group’s fastest growing category. The company
successfully developed and launched smartwatches across 14 of its
owned and licensed brands.
“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,” said Greg McKelvey, Executive Vice President and
Chief Strategy and Digital Officer, Fossil Group. “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."
“Wearables, built for wellness, simplicity, personalization 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,” said Stacey
Burr, Vice President of Product Management, Wear OS by Google.
The transaction is expected to close this month.
About Fossil Group, Inc. Fossil Group, Inc. is
a global design, marketing, distribution and innovation company
specializing in lifestyle accessories. Under a diverse portfolio of
owned and licensed brands, our offerings include fashion watches,
jewelry, handbags, small leather goods and wearables. We are
committed to delivering the best in design and innovation across
our 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. We bring each brand story to life
through an extensive wholesale distribution network across
approximately 150 countries and 500 retail locations. Certain press
release and SEC filing information concerning the Company is also
available at www.FossilGroup.com.
Global Public Relations:Ann Jane DraperFossil
Groupajdraper@fossilgroup.com
Investor Relations: Allison Malkin ICR, Inc. (203) 682-8225
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