Swiss luxury watch maker, TAG Heuer, is planning to jump onto the smartwatch bandwagon by making acquisitions that are expected to help the company move ahead with the strategy.
Previously, TAG Heuer, part of LVMH group, dismissed the idea of smartwatch, but now it is planning to relook this strategy, Reuters cited LVMH watch chief Jean-Claude Biver as saying..
Biver has reportedly chalked out plans for the smartwatch and formed partnership, as well as looking to acquire companies to help develop the hardware.
The development comes at a time when Swiss watch industry is facing tough competition from wearable gadgets from tech giants who have entered the wearable market.
Previously, Swiss watch maker Swatch Group also announced the launch of a smartwatch.
According to reports, the smartwatch is expected to be powered by Intel and will allow users to monitor calories and other health related data.
Biver said: "We started on the project about four months ago. We have done several partnerships and might also do acquisitions."
Reuters reported TAG Heuer VP Guy Semon as saying: "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."
