Intel revealed that it is forming a partnership with watch manufacturer Fossil Group to create fashionable wearable technology devices.

Intel said that it is planning a combination of the company's technological knowledge with Fossil's design expertise for the development of new wearable technology products and to then support growth on these new wearable devices.

Intel's announcement comes just after the company unveiled its MICA luxury smart bracelet at IFA 2014. MICA, which stands for My Intelligent Communication Accessory and targets women with its bejeweled design, will also be debuted at the upcoming New York Fashion Week. 

MICA was designed in collaboration with fashion house Opening Ceremony and will be on sale through high-end retail company Barneys New York.

In addition to the wearable technology development partnership, Fossil will also be working with Intel Capital, the investment unit of Intel, to specify profitable co-investments in the industry and to evaluate ongoing trends. 

Intel Capital has already made investments in wearable technology startup companies, including in Thalmic Labs, the company that is the manufacturer of an armband that is used to operate computers through hand gestures, and in Basis, the manufacturer of a fitness band.

Fossil, known as a designer for accessories such as watches, handbags and belts, will be jumping into a wearable technology market backed by the technology and engineering capabilities of Intel. 

The market already includes major technology companies Samsung, Sony and LG, with Apple widely expected to unveil its entry into the industry on its upcoming Sept. 9 media event.

The partnership with Fossil follows the strategy of Intel to work with product makers on wearable technology devices, instead of going into the industry on its own. The strategy allows Intel to focus solely on the technology aspect of the device, riding on the established brand presence, retail channels and distribution networks of Fossil.

Intel is jumping into the industry because of the rapid growth expected of the market. The company cited a study released last year by MarketsandMarkets, a research company, stating that the global wearable technology market may reach revenues of over $8 billion by 2018, compared to $2.5 billion in 2012.

Intel has been very busy lately, both in its jump into the wearable technology market and its core computer chip business. 

Last month, Intel announced a collaboration with SMS Audio, a company founded by rapper 50 Cent, to develop BioSport biometric earbuds.

Intel has also recently unveiled the Core M processor at IFA 2014, which will allow laptop computers to come in very thin, fanless designs.