Fitbug Holdings PLC (AIM:FITB) – the market is too crowded even for a little bug to squeeze in
Fitbug Holdings PLC (AIM:FITB) has today announced that US Midwest retailer Meijer will stock their wearable fitness device ‘the Fitbug Orb’ and eight ‘Kiqplans’ the Group’s digital health coaching platform, from April 2015.
Headquartered in Grand Rapids, Michigan, Meijer, Inc. is a large regional American hypermarket chain with over 200 stores. Meijer has placed an opening stock order of US$83,000 and the product will be carried in 219 stores. This announcement continues the momentum for Fitbug, who last week announced an upbeat trading update. However, despite another seemingly positive announcement, we remain sceptical about the future of Fitbug. The fitness tracking market is already unbelievably crowded, and that is before the launch of the Apple Watch in April. Fitbug claims that its ‘Orb’ stands out from other products as a customer can wear…