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SALT LAKE CITY — Samsung has confirmed it is developing a smart watch, confirming a product Apple has been rumored to be working on before the Cupertino-based company could make an announcement of its own.
Lee Young Hee, executive vice president of Samsung's mobile business, told Bloomberg the company has been preparing the watch "for so long."
"We are working very hard to get ready for it," he said. "We are preparing products for the future, and the watch is definitely one of them."
Lee declined to comment on the features of the watch, how much it would cost or when it might go on sale.
A company spokeswoman would not discuss the product.
"We are constantly exploring new technologies and developing various form factors," company spokeswoman Chenny Kim told Business Insider.
The confirmation comes on the heels of rumors that rival Apple is developing a smart watch, usually referred to as an iWatch. Apple has not confirmed the rumors, but some analysts believe the watch will be released to consumers by the end of the year.
Samsung and Apple are in the middle of a heated battle for smart device superiority. And Samsung has been accused in courts of infringing on Apple copyrights, although large fees have since been reduced by judges.
Beating Apple in the smart watch war would be a boon to Samsung, which surpassed Apple in smartphone market share in the fourth quarter of 2012. Samsung's smartphone market share is now 29 percent, compared to 22 percent for Apple.
