Advertising giant Google and leading processor maker Intel have teamed up with luxury watch maker Tag Heuer to release a luxury smartwatch that will not only provide the user with all the features that should be present in an Android Wear wearable, but in the process, all three companies intend on taking on Apple's Apple Watch with their combined efforts.

According to Bloomberg, David Singleton, the head of Android Wear development for Google, stated:

"When I think about the watch, it's always been a marriage of beauty and utility. We're going to do that with our partnership." TAG Heuer is set to handle design and manufacture, while Intel will provide an SoC platform and Google will lend its Android Wear platform and help develop software. The watch is set to be launched by the end of the year, at which point price and functions will be announced."

This is not the first time that Tag Heuer has indulged itself into the tech industry. The company had previously introduced a mobile phone called the Meridiist back in 2008, and in 2013, the Oracle Team representing the United States were wearing electronic wristwatches that featured sailing functionality. The devices were co-developed by TAG Heuer and partners.

According to PhoneArena, Hublot's CEO Jean-Claude Biver said:

"The difference between the TAG Heuer watch and the Apple Watch is very important. That one is called Apple, and this one is called TAG Heuer."

While the luxury smartwatch is expected to be released this year, all three firms have not yet given an exact release date. Currently, Apple's most expensive wearable model will be retailing for $17,000 when it hits stores on April 24, 2015.