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Fitbit Acquires European Luxury Smartwatch maker Vector Watch

by Tej

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Vector Smartwatch, when launched, was said to be the ‘magical smartwatch’ because of its 30 days battery life and luxurious design. Vector reinvented the smartwatch category and made its first public appearance in March, last year, and since the launch of their first smartwatch they created a new category in smartwatches called ‘affordable luxurious’ category.

Today, only a year later, Vector in their blog post announced the buyout in a statement on their website. However, the founder and CTO Andrei Pitis confirmed that the company was acquired for its software platform and design team. This doesn’t mean that Fibit will be entering the affordable luxury smartwatch sector.

Vector BMW.jpg

Their blog post said:

Today, we are happy to announce that the Vector Watch team and our software platform are joining Fitbit, the leader in the connected health and fitness market! We believe this is an important milestone as a moment when we will start building other new and amazing products, features and experiences, incorporating our unique technology and knowhow with Fitbit’s experience and global community.

Vector Watch stated that this acquisition will not effect the existing customers in any way. Existing smartwatches would function as usual, warranty and technical support would also go unaffected by this acquisition. However, new features (software & hardware) will not be added.

Overview:

This acquisition comes only after a month of Fitbit acquiring very famous brand Pebble for $40 million. Fitbit also remains the leader in wearables category with 23 percent market share. Acquiring Vector Watch will only help Fitbit grow its consumer base and market share.

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