Priced at USD 349, the Apple Watch sports a flat screen with sapphire glass and has a 'digital crown' with a twisting control that lets the user scroll through different functions. It runs apps, takes dictation and interacts with the iPhone.
    
"With the Digital Crown, you can scroll, zoom, and navigate Apple Watch without covering the display," Apple said.
    
The watch has a gyroscope and an accelerometer that measures fitness. Besides, it uses the GPS and Wi-Fi in the users' iPhone to help track the distance.
    
It comes with colorful wrist bands (pink, blue and white) and styles like hand-crafted gold buckle.
    
Apple said: "Apple Watch will start at USD 349 and will be available early next year. It works with iPhone 5, 5c, 5s, 6, and 6 Plus."
    
The smartwatch has three variants -- Apple Watch, Apple Watch Sport, and Apple Watch Edition, which is made from 18-karat gold.

Starting at USD 349 – USD 50 more than the cheapest version of the iPhone 6 with a contract, the lofty price tag may also keep some consumers on the sidelines. It could go up to more than USD 1,000 for higher-end editions, IDC analyst Danielle Levitas said.

It's the first new product to be developed and introduced under Chief Executive Officer Tim Cook's reign, the next chapter in Apple's history.

Still, rival watch and wearable device makers will keep a  wary eye on Apple, which upended the music industry and drove once-dominant phone makers like Blackberry to the brink of extinction.
               
Sony Corp, Samsung, LG Electronics Inc  and Qualcomm Inc have already launched smartwatches, albeit without much success.