Swatch to Launch "Smart Swatch" in Spring to Crush Pricier Apple Watch

Swatch Group AG is launching a smartwatch in the face of increased competition from Apple Watch. The smartwatch by Swatch will likely include mobile payments at supermarkets and android applications, according to reports.

"Swatch will launch a new generation of its smart Swatch in the next two to three months," Chief Executive Officer Nick Hayek said in an interview.

Swatch, which owns the Omega, Tissot and Longines brands, had previously been dismissive about Internet-enabled watches, such as Samsung Electronics Co.'s Galaxy Gear and Pebble Technology's Steel, viewing them as novelties that won't disrupt business at the world's biggest watchmaker, WSJ noted.

Last year in September, Hayek said the new Swatch watches might allow the wearer to count the number of steps they take and calories burnt, including some other cool things offered via Bluetooth technology.

"All the big technology firms want to work with us and I don't rule out that we are or could be collaborating in some areas. But we can also do many things on our own."

Smartwatches cost somewhere between $150 and $300 - same range as Swatch's priciest plastic watches and its least expensive quartz timepieces. It will be interesting to see how the Swatch responds when Apple launches its own smartwatch with a price tag of $349.