That didn't take long. Hot on the heels of the Apple Watch, which is set to debut next month, Google has announced plans for its own pricey smartwatch. The search giant is partnering with luxury watchmaker TAG Heuer and chipmaker Intel for a high profile smartwatch, using an Android version specifically created for wearable devices.

"Swiss watchmaking and Silicon Valley is a marriage of technological innovation with watchmaking credibility," said Jean-Claude Biver, president of the watch division at LVMH Group, during the joint press conference at watch industry fair Baselworld.

He added this is a win-win partnership with tremendous potential for the three companies.

The collaboration enters an already crowded market, with dozens of brands trying to make a name for themselves. Last year, 10 million smartwatches were shipped worldwide; this year, Gartner expects to see the number rise to 19 million, courtesy of Apple's entry in the market.

This is a smart move for Google and its efforts to push Android Wear, the operating system version for wearables. It's also good for Intel, which dominates 80% of the traditional chip market but is still behind when it comes to the fast growing mobile space. For TAG Heuer, the 155-year-old watchmaker, it is a statement of forward thinking.

It's also an interesting collaboration between Silicon Valley, in California, and Watch Valley, in La Chaux-de-Fonds, Switzerland. Apple didn't partner with any renowned watchmaker for the Apple Watch; it was designed in-house.

"We're thrilled to be working with TAG Heuer and Intel to bring a unique blend of emotion and innovation to the luxury market," said David Singleton, director of engineering for Android Wear, revealing the ultimate goal: to make a "better, beautiful, smarter watch." TAG Heuer's general manager Guy Sémon believes this is "the launch of a technological revolution in our industry."

It might be, but it will have to make a compelling case to consumers, who haven't been that keen on buying yet another gadget to walk around with.

Market analysts think Apple will change that because of two factors: the power of the brand and the focus on the ecosystem, including a lot of health-focused apps. The Apple Watch will be launched in 9 territories on April 24th, with prices ranging from $349 for the Sport edition to $17,000 for the high end gold edition.