Fossil Group Plans to Sell Smartwatch Technology to Google for $40 million

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Fossil Group Plans to Sell Smartwatch Technology to Google for $40 million Image Credit: Fossilgroup

Fossil Group announced its plans to sell its intellectual property (IP) related to a smartwatch technology to Google for $40 million.

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. 

Greg McKelvey, EVP and Chief Strategy and Digital Officer, Fossil Group
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.

Stacey Burr, VP of Product Management, Wear OS, Google
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.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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