It seems that Xiaomi has plenty of POCO-branded devices in the pipeline and not just smartphones. According to Xiaomi Today, Xiaomi is also developing its first POCO-branded smartwatch. While the website states that it has seen evidence of the 'POCO Watch' on an Italian database, it has only provided a screenshot as evidence.
Still, the screenshot contains the model number 'M2131W1', which the Eurasian Economic Commission (EEC) revealed in February. For context, the EEC reported that M2131W1 is a POCO smartwatch. Typically, Xiaomi and its peers register devices with the EEC ahead of their release in Europe. Hence, it seems that Xiaomi intends to sell its inaugural POCO smartwatch in multiple European countries, not just Italy.
However, Xiaomi Today adds that Xiaomi will not be manufacturing the POCO Watch in-house. Instead, Xiaomi will rely on 70mai to build the POCO Watch, another subsidiary of the company. Potentially, the POCO Watch could resemble the 70mai Saphir Watch, which has a 1.78-inch AMOLED display, two physical buttons and a squircle design like the Apple Watch and Oppo Watch 2. Apparently, the POCO Watch will launch soon, although it has not started teasing the smartwatch on any social media channels yet.