Huami Corporation has made the announcement that it has reached an agreement to purchase the primary properties of Zepp International Ltd. It is anticipated that this transaction would be beneficial to the firm in its attempts to establish a presence in the luxury sports products market.
Zepp is a startup company located in California that was established in 2010. The company use technology such as 3D images and dynamic training tools to assist athletes in reaching the next level of their training. Their goods are endorsed by a large number of professional players and may be used for a variety of sports, including baseball, softball, tennis, and golf, among others.
The only company that Xiaomi works with to deliver its wearable technology is Huami. Since it began working with the massive Chinese technology company five years ago, Huami has been successful in selling more than 30 million Mi Bands. Its range of low-cost fitness trackers has been instrumental in the company’s rise to become the top global seller of wearable devices, surpassing Fitbit in this regard.
“We are thrilled to be entering into this contract and are excited about the enlarged market and global merchandise development possibilities in the sports training analytics field that this transaction brings to the table,” said Wang Huang, chairman and CEO of Huami Corporation.
“We anticipate that we will be able to capitalise on Zepp’s extensive experience, mature products, and established partnerships in order to expand our feature-rich product portfolio and make use of our strong distribution channels in order to take advantage of growing opportunities in this sector of the sports industry.””
Huami introduced the Mi Band 3 late last month. It is equipped with a number of significant improvements over its predecessor, such as a brand new touchscreen colour screen, water resistance down to depths of 50 metres, continuous pulse rate monitoring, NFC connectivity, and more.
It is anticipated that Zepp’s team of engineers as well as their established products will be of assistance to Huami in the process of building a product or service within the sports analytics industry. There was a lack of transparency about the acquisition’s monetary particulars.