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Misfit CEO says this is key for wearables market

While the wearables market has recently expanded amid the launch of the Apple Watch, Misfit's Sonny Vu said Tuesday that wearables in general need to be easier to use.

"You need to make it really easy [for users]. Just a touch of a button and it turns on your lights, [for example], instead of having to go to your app," the wearable product maker's CEO said in a CNBC "Squawk Alley" interview. "[The market] definitely in a transition phase where one of the most important things is to find more utility out of the wearables going beyond just sensing."

Vu made his comments one day before another wearable company—FitBit—has its initial public offering. Earlier on Tuesday, the company raised its IPO price range from $14 to $16 a share to $17 to $19, it said in a regulatory filing.

"I think people will be mindful of valuation. At the top end of the range, this is approaching a GoPro multiple, but at the end of the day, I think it does come a lot back to scarcity," Terry Kawaja, CEO at LUMA partners, said in another "Squawk Alley" interview.

"This is the perfect storm for an IPO story. You got both the company and the deal. On the company side, this thing is growing, it's profitable … it's margins are great and they're actually growing," Kawaja added. "As a deal, this only, what, the eighth technology IPO of 2015? So investors, there's got to be some scarcity factor there."

GoPro priced its IPO between $21 and $24 a share last year.

—CNBC's Kayla Tausche contributed to this report.