If someone says “wearables” in a word association game, chances are that the next word will be “Fitbit.” The US fitness tracker firm single handedly defined the global wearables market for so long and became the darling of the industry, which is automatically associated with success and piles of cash by many in the stock market – but this couldn’t be further from the truth. It might come as a shock to some that Fibit’s fall from grace has been a dramatic one; in the second quarter of last year it had a market cap of around $11bn, but today it sits at just $1.86bn – this is not a typo, this is a genuine and catastrophic depreciation of 82%.…