(CNN) -- Apple, as the reports go, is working on a "smart watch," although the secretive company won't say anything about it, of course.
Lee Young Hee, executive vice president of Samsung's mobile business, said as much during an interview in South Korea, where the company is based. And he said it's not a knee-jerk reaction to Apple's rumored plans. "We've been preparing the watch product for so long," Lee told Bloomberg.
"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."
He did not give any details on when the watch may be released, what features it will have or how much it will cost.
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