Luxury Swiss watchmaker TAG Heuer is dipping its toes into the smartwatch market by launching its first-ever device dubbed the TAG Heuer Connected Watch.

Priced at $1,500, the watch runs on the Android Wear operating system.

Bloomberg says the TAG Heuer Connected Watch was developed in cooperation with Intel and Google, and was patterned after the classic Carrera auto-racing watch that was first released in 1963.

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The case and the buckle of the TAG Heuer Connected Watch are designed and manufactured in Switzerland, but the insides are not; since some of its electronic components are from Intel, they won't be Swiss-made.

The TAG Heuer Connect Watch has a 1.5-inch circular LCD display with resolution of 360x360 and pixel density of 24 pixels per inch. Its 12.8mm thick case is made from Titanium Grade 2 components. At its heart is an Intel dual-core processor clocked at 1.6-GHz, 4GB of RAM and 4GB of storage space.

According to Droid Life, the TAG Heuer Connect Watch has a 410mAh battery pack. It also supports Bluetooth 4.1 and Wi-Fi connectivity.

Market analysts are somewhat skeptical about the $1,500 price tag of the TAG Heuer Connected Watch, especially in today's market terms where one can buy a decent smartwatch priced below $500.  However, the company is planning to release only 50,000 units of the smartwatch, which will add a certain level of exclusivity to the device.

To add more appeal to the Connected Watch, TAG Heuer is launching the "connected to eternity" scheme. After two years, Connected Watch owners can trade their device for a mechanical TAG Heuer watch by just adding an addition $1,500.

TagsTag Heuer, TAG Heuer smartwatch, TAG Heuer Connected, smartwatch, TAG Heuer Connected Watch