MADRID (MarketWatch) -- Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 +1.54% is developing a smart watch that will compete with Apple Inc. as the South Korean company races the iPhone maker for sales, the executive vice president of Samsung's mobile business said in an interview on Tuesday. Speaking to Bloomberg , Lee Young Hee said the company has been preparing the wristwatch for quite awhile, and is "working very hard to get ready for it. We are preparing products for the future and the watch is definitely one of them." Lee didn't divulge details of which features the watch would have, but the race to develop such a device has picked up speed after recent reports that Apple has about 100 product designers working on a watch-like device that could perform tasks similar to the iPhone and iPad. "The issue here is who will first commercialize it so consumers can use it meaningfully," Samsung's Lee said. Apple is looking to release its wristwatch as soon as this year, said Bloomberg, citing a person familiar with its plans.