TAG Heuer luxury smartwatch coming in November

Although smart wearable sales still need to take off and luxury smartwatches only account for a fraction of the total sales, it seems like more and more companies aim this sector of the market. TAG Heuer already announced its plans to launch an Android Wear-powered luxury smartwatch, but previous reports mentioned the price of the device to be $1,400 USD. Earlier this week, the company's CEO revealed that those interested may need to put aside some extra cash.

TAG Heuer CEO Jean-Claude Biver told CNBC that the company's long-awaited smartwatch would be unveiled at the LVMH building in New York during a special event scheduled to take place on November 9. The watchmaker made the first official announcement about this wearable back in March when TAG Heuer mentioned it works with Intel to deliver a worthy competitor for the Apple Watch. Apple also tries to push into the luxury market, as the Cupertino company announced last month that luxury brand Hermes will help them to offer Apple Watch bands.

Jean-Claude Biver also added that the Apple-Hermes deal shows that smartwatches are finally entering the luxury market. "We were a little bit concerned about the price, because we're going to sell it at $1,800 ... and now we are quite reassured because Apple is telling us we can sell at $1,500 or even more," he said. At this price, the upcoming TAG Heuer smartwatch will be almost twice as expensive as the mid-tier Apple Watch ($1,099 USD), but much more cheaper than the Apple Watch Edition ($17,000 USD).