E. Gluck Corporation, which designs, makes and distributes watches under license to brands including Armitron, Anne Klein, Torgoen, Badgley Mischka, Juicy Couture, Nine West and Vince Camuto, has bought a stake in the burgeoning smartwatch market with the acquisition of WITHit, a Las Vegas-based wearable technology accessories designer and manufacturer.
Founded in 2004, WITHit has become one of the largest wearable tech accessory manufacturers in the US. Its products are sold in over 8,500 retail stores.
“On the surface, this deal is simply about two companies forging a bond to build a great business together,” said Adam Gelnick, CFO E. Gluck Corporation. “In actuality, it is a group of incredible individuals with complementary expertise, joining together to create a sum that is greater than its individual parts. This is an ideal that both groups aspire to and together we will hopefully achieve.”
Apple has become the world’s biggest watchmaker since launching its smartwatch back in 2015, and there are now estimated to be over 500 million wearable devices in use globally.
That is a lot of wristwear that could be personalized and improved with wearable tech accessories, plus the business could expand its offers for traditional watches.
E. Gluck will give WITHit access to untapped distribution channels, international expansion opportunities, as well as operational synergies, scale and marketing, the company says.
“We are extremely excited to have this opportunity to continue our growth trajectory with E. Gluck,” said David Nelson, CEO of WITHit.
“Not only are our companies complementary from a pure business perspective, but E. Gluck and WITHit share core values and culture that make this combination special.”