Intel and Fossil are teaming up to develop wearable technology

So far most, if not all, the smartwatches we’ve seen are watches that have been reimagined by tech companies. There are some pretty nice designs by Motorola with the Moto 360, and if the rumors are true, Apple’s iWatch is expected to be quite a looker as well. However it seems that Intel has a new plan that would involving getting a watch company to make a smartwatch. According to new reports, it seems that Intel and the Fossil Group will be working together on creating wearables.

Fashion-accessories retailer Fossil Group Inc. and Intel Corp. said Friday they intend to jointly develop “wearable technology.” “We are focused on identifying trends and emerging uses of technology and accelerating wearable technology innovation worldwide,” said Mike Bell, Intel’s vice president and general manager of the New Devices Group. Fossil said it would work closely with Intel Capital, Intel’s investment group, to identify possible joint investments in emerging technologies. Intel Capital has invested in a series of startups, such as Thalmic Labs, a Canadian company that designed a motion-sending, muscle-reading armband known as Myo, and Basis Science Inc., known for a wrist-worn health-tracking device. Fossil and Intel shares, largely flat in recent after-hours trading, closed Friday at $103.46 and $35, respectively. Fossil’s stock is down 14% for the year, while Intel has gained nearly 35%.