Anima AB, the parent company of Kronaby, filed for bankruptcy in February this year, casting doom over the future of Kronaby. Kronaby manufactured hybrid smartwatches that hit the market in 2017 and were very popular owing to their design and companion app. But apparently it ended well for the smartwatch maker as the Spanish watch brand Festina Lotus SA bought Anima AB out of bankruptcy.
Though the sale will not cover all of Anima’s liabilities, it does safeguard the future of Kronaby. “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. 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.”