Samsung Electronics expects to compete with Apple for wearable devices, as the South Korean manufacturer said it has long planned to introduce a smart wristwatch that will mirror many smartphone functions. "We've been preparing the watch product for so long," Executive Vice President Lee Young Hee said. Lee declined to provide other details about the watch, which presumably would compete against a similar product reportedly in development at Apple. "The race is on to redesign the mobile phone into something that you wear," said Marshal Cohen, an NPD Group analyst.

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