Fossil Group on Thursday announced that they will be selling their select Smartwatch Technology to Google for an estimated $40 million. As per the deal, a portion of Fossil’s research and development team will now work with Google while the remaining 200 members will continue working with Fossil to focus on innovation and product development.
The agreement between the two electronic giants will be closed at the end of the month. With this agreement, in the near future, we might expect Google to create its own branded watches or wearables in collaboration with Fossil. It seems Google has already had big future plans to expand its arena in smart-watches which could look more like a wearable, which might be revealed to us soon.
First, we don’t know exactly what smartwatch technology Fossil is selling to Google. Most of the fashion brand’s connected devices are based on Google’s own Wear OS platform already anyway, with minor differences like custom watch faces or apps.
It’s most likely stuff we haven’t yet seen, especially since the press release said the purchase is of
“intellectual property (IP) related to a smartwatch technology currently under development by Fossil Group.”
“We’ve built an advanced a technology that has the potential to improve upon our existing platform of smartwatches.” fossil Group Executive Vice President Greg McKelvey said in a statement.
Talking about the motive behind the deal the Chief Strategy and Digital Officer at Fossil Group said, “We’ve built an advanced technology which 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.”