Lee Young Hee, executive vice president of Samsung's mobile business, said in an interview in South Korea.
“We’ve been preparing the watch product for so long. 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.”
Unfortunately, no images have been officially released, but unconfirmed leaks in February showed pictures of "Galaxy Altius" - understood to be the new watch.
Experts believe the leak proves their new watch would run on Google's android operating system.
It is thought that Apple have been designing their 'iWatch' for years, but have so far not made any direct release announcement.
And, like Samsung, they haven't unveiled any official pictures of what an iWatch would look like.
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