Swatch shot down rumors that the company is working with Apple in the development of the iWatch.

A spokeswoman for Swatch denied the rumors of the partnership with Apple. 

The statement by Swatch is in response to a report by VentureBeat that said that Apple had been working with Swatch, and possibly other partners, to release a lineup of several smartwatches with varying styles and prices.

The report wrote that, as Apple followers and media stations have been focused on the iWatches that Apple would possibly be making itself, the company may be teaming up with several partners that are in the watch industry.

Apple, along with its watch partners, will be offering smartwatches to suit tastes "from geek to chic," VentureBeat's source said.

The Swatch spokeswoman said that the report was "unfounded." She adds that the only working relationship that Swatch has with smartphone manufacturers is as an integrated circuits and electronic components supplier.

It has long been believed that Apple is currently preparing for the release of an iWatch, in the footsteps of the smartwatches released by competitors LG and Samsung.

"I have no doubt that Swatch is up on the back of these press reports - against a rather dull market and sector performance today," said Luca Solca, an analyst for Exane BNP Paribas. Solca added that the investment community is keeping a close eye on smartwatches.

Analysts from JPMorgan questioned the reliability of the initial article by VentureBeat as it would be unusual for Swatch to launch smartwatches under their own brand, but only to link them to applications by Apple.

The analysts pointed to the stance of Swatch CEO Nick Hayek on smartwatches that has been repeated in several conference calls, where he had said that his main concern on the products would be how much they would depend on software and applications made by other companies.

Swatch, along with rival watch companies Fossil and Suunto, have in the past created watches that used the defunct Smart Personal Object Technology Platform of Microsoft. The SPOT platform can be considered as one of the first trials of the industry in creating smartwatches for the general public. 

Reports suggest that Apple will be releasing the iWatch in the fourth quarter of this year. The development of Apple on the HealthKit, to be introduced to the iOS 8 and will collect data on the health of the user, is said to be a signal that Apple will be releasing its own wearable device.

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