Fossil Group and Intel announce collaboration to develop innovation in wearable technology
Richardson, TX (Oct 21, 2014): Fossil Group, Inc. (NASDAQ: FOSL) (the “Company”) and Intel Corporation (NASDAQ: INTC) announced that they will be collaborating to further develop wearable technology for the fashion industry.
Fossil Group, a global design, marketing and distribution company specializing in fashion accessories will partner with Intel, a leader and innovator in the technology industry, to identify, support and develop emerging trends in the wearable technology space. The companies will work together on emerging products and technologies that will be developed for the fashion-oriented consumer. Fossil Group is committed to being a leader in the space and its work with Intel will enable iconic fashion brands within the Company’s portfolio to participate in wearable technology in a fashionable way.
Kosta Kartsotis, Chief Executive Officer of Fossil Group, commented: “We are very excited about collaborating with Intel and working to develop the next innovation in the emerging wearable technology space. Combining our fashion lifestyle brands with Intel’s expertise in technology, hardware and innovation will position us to be a leader in this segment.”
Mike Bell, Vice President of Intel and General Manager of the New Devices Group, said: “The combination of Intel’s technology and Fossil Group’s ability to design innovative fashion accessories and to create, market and distribute globally is why we are confident about this initiative. We are focused on identifying trends and emerging uses of technology and accelerating wearable technology innovation worldwide.”
In addition, Fossil Group will work closely with Intel Capital, Intel’s global investment organization, to identify and evaluate co-investments in emerging technologies to accelerate industry innovation and stay at the forefront of the wearable consumer trend. Intel Capital has invested in a wide range of start-ups in the wearables space, including Thalmic Labs and Basis.
Certain statements contained herein that are not historical facts, including future earnings guidance, constitute “forwardlooking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: changes in economic trends and financial performance, changes in consumer demands, tastes and fashion trends, lower levels of consumer spending resulting from a general economic downturn, shifts in market demand resulting in inventory risks, changes in foreign currency exchange rates, and the outcome of current and possible future litigation, as well as the risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2013 filed with the Securities and Exchange Commission (the “SEC”).