Intel Corporation (NASDAQ: INTC), one of the biggest names in technology, recently announced their partnership with Fossil Group, another big player in the fashion industry to design and develop technology that is stylish yet highly functional.
The tie-up will enable both companies in order to work together on emerging products and technologies that will be created to fashion-oriented consumers. It would also enable Fossil to work together with Intel Capital, Intel’s global investment organization in order to identify and evaluate co-investments in emerging technologies. The association would help both companies in making sure that they accelerate industry innovation and be the first when it comes to wearable consumer trend. Intel Capital has already started with this goal through Thalmic Labs and Basis.
In their official announcement to the media, both companies have expressed their satisfaction and support regarding the partnership. Mike Bell, the VP of Intel and General Manager for 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.”
Kosta Kartsotis, Chief Executive Officer of Fossil Group also added that they 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.”
The relationship was brought about by demands of consumers wanting to acquire wearable technology but still wear it in a stylish manner. One such example of this is the development of “smartwatch” segment. Some customers express that despite being a high-function gadget, the design of the smartwatch is described as “bulky” and “geeky”. This design problem hinders the customers from wearing and using them in different occasions. This is not the first time that Intel has partnered up with design companies as it already has an existing partnership with Opening Company. In this collaboration, the duo is aiming to launch a fashion bracelet designed with semi-precious gems, added communication features, and wireless charging.