Samsung Electronics is developing a wristwatch as it races against Apple to create a new industry of wearable, smartphone devices.

"We've been preparing the watch product for so long," Lee Young Hee, executive vice president of Samsung's mobile business, said during an interview with Bloomberg in Seoul. "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."

Samsung's disclosure comes after people familiar with Apple's plans said last month the U.S. company has about 100 product designers working on a wristwatch-like device that may perform similar functions to the iPhone and iPad.

Apple's wristwatch, coming this year, will reportedly allow letting users make calls, see the identity of incoming callers and check map coordinates. It would also feature a pedometer for counting steps and sensors for monitoring health-related data.