Festina Group throws hybrid watch maker a lifeline
In February we reported that Anima AB, parent company to the hybrid smartwatch maker Kronaby, had filed for bankruptcy. The news cast doubt on Kronaby’s future, but Anima AB remained positive – and it appears that positivity has paid off.
The company says it has been bought out of bankruptcy by Spanish watch brand Festina Lotus SA. Festina will acquire the Kronaby assets, but only two of Anima’s Malmö employees will stay on, while Kronaby CEO and co-founder Pål Borge will also depart.
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“I’m very pleased with the result. It means those watches can keep on working and customers can be provided with the service even in the future,” Anima company administrator Ola Sellert told The Local. The sale is set to be finalized this month.
We’ve been big fans of Kronaby since its hybrid watches hit the scene in 2017, praising the excellent design and companion app. While the sale will not cover all of Anima’s liabilities, it does make us more optimistic for the future of Kronaby.
Festina Group president Miguel Rodriguez said in a statement to Watch Pro: “It is an important acquisition for us, we not only bring in a new brand to our existing portfolio, we also take a step into the smartwatch segment. Kronaby has proved to be one of the best hybrid smartwatches in the world and the newly integrated people and technology will play an important role in the strategic future of our Group.
“We all know that the world is constantly changing and connected devices are something we all have around us in our daily life.”
