Fashion watchmaker Fossil will acquire Misfit, maker of activity-tracking wearable devices, for $260 million. The move is part of a larger Fossil initiative as it makes a push into the smartwatch arena. “Misfit makes a variety of wearable devices, such as fitness and sleep-tracking wristlets and a clip-on smart button that tracks activities,” reports Bloomberg. “Fossil singled out Misfit’s battery-life tech as a particularly appealing component.” Fossil, which makes watches for designer labels such as Kate Spade, Michael Kors and Tory Burch, reportedly plans to use Misfit’s tech across 16 of its brands and expand its connected device offerings.