It’s not every day an executive at a major public technology company will go on record and confirm an unannounced product, but Samsung’s (005930) mobile boss seemed happy to be the exception to the rule on Tuesday. Speaking with Bloomberg, executive vice president of Samsung’s mobile business Lee Young Hee confirmed that Samsung is developing a smartwatch to take on the unannounced “iWatch” that Apple (AAPL) is reportedly developing.

“We’ve been preparing the watch product for so long,” Lee said. “We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.”

The executive wouldn’t share any additional details or projected pricing, but she did acknowledge that Samsung is racing Apple to launch its smartwatch first. “The issue here is who will first commercialize it so consumers can use it meaningfully,” Lee said.