Watch maker Tag Heuer said it will launch a smartwatch later this year using Google's Android operating system in a venture with Intel to compete with the Apple Watch. The collaboration was made official at Baselworld, during a press conference held on Thursday 19th March at the TAG Heuer booth. Jean-Claude Biver, President of the Watch Division LVMH Group and CEO of TAG Heuer, David Singleton, Director of Engineering for Android Wear, and Michael Bell, Corporate Vice President and General Manager of Intel's New Devices Group, joined each other on stage.

Together, these companies will create a product that is both luxurious, and connected to its wearer's daily life.

"Swiss watchmaking and Silicon Valley is a marriage of technological innovation with watchmaking credibility. Our collaboration provides a rich host of synergies, forming a win-win partnership, and the potential for our three companies is enormous," said Jean-Claude Biver.

Guy Semon, General Manager of TAG Heuer added: "The quality of Swiss watches is renowned worldwide. When this is allied with the creative technology and global power of two companies like Intel and Google, using the Android Wear platform and based on Intel technology, we can see the launch of a technological revolution in our industry, of which I am proud to be a pioneer today with TAG Heuer."

The companies declined to give any details about pricing, functionality or design, but said on Thursday that it aimed to launch what would be the first Android luxury smartwatch in the fourth quarter.

The Apple Watch is due to go on sale on April 24 and will range in price from $350 to $17,000 for an 18-karat gold model. It is the company's first major new product in five years and consumer demand for the device is being closely watched by competitors and investors.

Intel already struck partnerships with several consumer goods companies last year to develop smart wearable products, including eyewear brand Oakley, watchmaker Fossil, and U.S. fashion brand Opening Ceremony.