Iconic watchmaker Movado is banking on the latest version of Google's Android Wear. The American company will release a new line of smartwatches coming this fall. The initial five watch collection will debut on Switzerland's Baselworld jewelry show. The cheapest smartwatch will retail for at least $500.

The announcement came after executives of high-end timepiece makers criticized the Apple Watch. Movado Group CEO Efraim Grinberg stated that he was proud to add Android Wear. He also stated the latest platform from Google could suit Movado's iconic style.

Movado did not release pictures of the initial smartwatch collection. But the company will combine the traditional Movado look with Google's smartwatch platform. Faces, backgrounds, and complications will combine with Android Wear's features. Consumers are now given the chance to own luxury watches from Movado with style and function. The five watch collection reportedly have software features like fitness tracking.

Moreover, Tommy Hilfiger and Hugo Boss (owned by Movado) will also adopt the smartwatch OS. It's likely that both companies will also showcase their smartwatch line this year. The announcements came after several high-end watchmakers criticized the Apple watch.

Apple has taken the luxury watch niche after selling 22 million units worth $10 billion in two years. Despite the numbers, the company is still struggling to break out in the consumer tech market. The company declined to comment on their actual revenue for the Apple Watch. Three billion smartphone units amounting to $1 trillion have been sold during the same period. Luxury watchmakers see this as a threat, selling $10 billion luxury watches ranks it near the top of the charts.

Export Swiss watches had a total of $21 billion in revenue last year. Claude Biver had already estimated that Apple had a 50% share of the sold luxury watches. Biver runs LVMH's Hublot and TAG Heuer watch brands. Movado and other luxury watchmakers aim to take a bigger share of the pie by getting help from Google.