Fossil, known for premium build timepieces, is also exploring the digital wearables market. The company, collaborating with Intel, unveiled its first ever Android Wear smartwatch at this year's Intel Developer Forum event. 

The unveiling confirmed what Fossil CEO Kosta Kartsotis said earlier this month. According to Kartsotis, consumers are probably only familiar with smartwatches as watches with chips and processors. He said that "what we call smarter watches which is just adding chips and extra functionality to existing watches" can still be categorized as only analog watches with added features. 

Meanwhile, Kartsotis differentiates the Fossil wearable as something that will further revolutionize the smartwatch market.

"We believe a branded fashion experience will be the catalyst to further accelerate the connected accessory trend and that we are uniquely positioned to leverage our capabilities and technology partnerships to be a leader in this space," he said. 

Fossil is not the only one premium brand name that is testing the waters of the smartwatch and digital wearables industry. Earlier this year, TAG Heuer also announced that it is developing its own take on the Android Wear. Meanwhile, since Fossil also licenses the brands, it will be a matter of time before luxury names Michael Kors and Emporio Armani will come out with their own wearables. 

Fossil has not provided any details on the specs and build for its new Android Wear. Based on the event unveiling and purported leaked images, the Fossil smartwatch will look like the Moto 360, with its flat, rounded display and a "flat tire" watch face, where reminders, notifications, and other feedback scroll for the owners to read.

However, although the new Fossil wearable will look a lot like the first Moto 360, it is expected that the smartwatch will be using the upgraded version of Android Wear, and will be designed with a premium look and feel to keep up with the brand name.