Fossil Group has announced its plan to sell to Google for $40 million, intellectual property (IP) related to a smartwatch technology currently under development. 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.
The 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,” McKelvey added.
“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.
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