Google, Intel and Swiss luxury watchmaker TAG Heuer will team up to create a smartwatch to compete with the Apple Watch.
With Apple's luxury Edition watch retailing for more than $10,000, both Silicon Valley and Swiss watchmakers realize that the new Apple Watch is about status as much as it is about "convenience," according to Bloomberg News.
TAG Heuer is part of LVMH watches, and its chief Jean-Claude Biver made the announcement at the Baselworld watch expo Thursday. Head of Android Wear David Singleton said, "When I think about the watch, it's always been a marriage of beauty and utility. We're going to do that with our partnership."
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TAG Heuer will be in change of design and manufacture of the watch, while Intel and Google will supply platforms for the smartwatch that will be launched by the end of the year. So far, no price has been discussed, but chances are it will be similar to Apple's luxury smartwatch.
While smartwatch demand could grow to 28 million this year, Apple is expected to draw about 55 percent with the Apple Watch. Swiss watchmakers couldn't afford to ignore the rising numbers, especially when Apple began courting those wanting 18K gold watches.