The news comes just a week after Samsung unveiled its Galaxy S4 smartphone at an event in New York. In an interview with Bloombery Hee said that they have been working very hard on such a product since a long time now. “We’ve been preparing the watch product for so long. We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them”, Hee said.

Lee hasn’t revealed any further information about the price or the availability of the smartwatch. This is no different a strategy from that of Apple as Cupertino has been secretive about its smartwatch plans as well. Rumours have been floating around about a watch-like device from Apple made from curved glass that will launch in 2013.

Talks about a Samsung smartwatch started in February when screenshots of Samsung’s next device ‘Altius’ appeared on a Korean messaging board.

Samsung has been working on smartwatch concept since 1999 but, without much success. With the launch of Pebble and news about other smartwatch products launching soon Samsung’s renewed efforts might just pick up.