Alphabet Inc.’s Google unit confirmed on Thursday that it is set to buy about $40 million worth of smartwatch technology from the watch-making giant Fossil Group Inc.
Although neither Google nor Fossil has yet confirmed what this new technology exactly is, the head of Google’s Wear OS division, who oversees a version of Google’s Android operating system for smartwatches and other wearables, suggested ‘wellness’.
He said that technological wearables built for ‘wellness’ and simplicity have the power to improve lives by bringing the information people need at a quick glance. The addition of Fossil smartwatches is expected to diversify Google’s portfolio of wearable technology that is now on the rise catering to mobile customers.
Fossil ended 2018 on a high after emerging as the second-best performing retail stock. And following this announcement, shares rose nearly 3.5 % on Friday to end the day at an intra-day high of $19.20.