What happened?
Activity tracker maker Fitbit (FIT) has just unveiled a new fitness tracking device called the Alta. The company is making fashion an important aspect of the new fitness wristband, calling it a "fashion-forward" device.

It features interchangeable bands in a wide range of colors, and tracks all the standard health metrics that you would expect and also delivers notifications. Alta is available for pre-order for $130, and retail availability is expected next month.

Does it matter?
When Fitbit introduced Blaze last month, investors were concerned that the company wasn't updating its core products. While the Charge, Charge HR, and Surge still haven't gotten updated, the Alta does represent an important addition to the lineup. It's a more full-featured and redesigned tracker compared to the minimal Flex, and significantly, is priced at a premium (Flex costs $100).

At the same time, there has been an important trend within the wearables market toward fashion and aesthetics. Consumers now demand a greater emphasis on customization and appearance, which Fitbit is addressing with Alta. Considering Fitbit's current reliance on hardware revenue, it's reassuring to know that the company remains focused on developing new products to cater to the evolving wearables market.