Smartwatches are slowly gaining stronger foothold in the market with more tech companies joining the race. Now, the race is getting tougher, as the largest watch brand under LVMH's portfolio, Tag Heuer, revealed on Tuesday plans to launch a smartwatch.
The project revelation was made during a press conference at TAG Heuer's headquarters in La Chaux-de-Fonds, Switzerland. Ironically, Tag Heuer interim chief executive Jean-Claude Biver made the announcement after being largely dismissive about the whole smartwatch idea, Reuters reported.
"We started on the project about four months ago. We have done several partnerships and might also do acquisitions," Biver, who is the head of LVMH watches, told the journalists during the Tuesday's conference.
Companies like Samsung, Sony, LG, Motorola, Pebble and others have already explored the niche smartwatch category. Apple has also launched its coveted Apple Watch, which is expected to debut early next year.
Tag Heuer's move is largely seen as a response to the growing smartwatch space. The brand's smartwatch is expected to be launched sometime late in 2015. It will face stiff competition from luxury options offered by Apple. The Cupertino tech giant will be offering variants of Apple Watch, including a standard version, sports model and a luxury edition with 18-karat gold casing, sapphire crystal display and premium band selections.
"Smartwatches represent a challenge to the Swiss watch industry that is comparable to the appearance of quartz technology. We cannot ignore this tsunami that is coming closer," Reuters quoted general manager Guy Semon as saying.
Tag Heuer is working with Intel and Google for the smartwatch. Intel will reportedly be responsible for the watch's microprocessor.