After launching its first extravagant smart bracelet Wednesday, chip maker Intel said Friday it will partner with the Fossil Group, an American designer and maker of watches and jewelry, to develop more fashionable electronic accessories.

Intel said it will pair Fossil's design abilities with its technologies to support growth of new types of smart accessories and gadgets.

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The design company will be also working with Intel's investment arm, Intel Capital, to observe and evaluate wearable trends and reveal co-investments. The investment department has already invested in wearable startup companies.

These investments include those in Basis, a maker of fitness bands that Intel acquired in March, and Thalmic Labs, a manufacturer of an armband that can control devices with hand gestures.

Intel's joint project with Fossil comes in the wake of consecutive announcements from the computer giant about wearable technology such as fitness bands and smartwatches able to synchronize with other devices and run programs.

Intel intends to follow through with plans to expand in the booming market.

By recently enlisting the design expertise of fashion house Opening Ceremony, Intel was able to develop MICA, the tech company's the first luxury smart bracelet that was released on Wednesday.

MICA will be available at the luxury department store chain Barneys New York.

In August, Intel revealed a joint project with SMS Audio to build a new kind of wearable technology that presents itself as smart headphones. This device will be able to play music and track the heart rate of its user.

SMS Audio, which is owned by rapper Curtis "50 Cent" Jackson III, is a U.S.-based electronics company that primarily markets and manufactures headphones.

TagsIntel, Fashion, wearables, Fossil, Fashion Design, SMS Audio, Barneys, Smart Device, smart phone, Smart Bracelet