Apple has launched a new smartwatch, and also its foray into this segment, reports say. The launch took place at an event in California. This smartwatch called the Apple Watch interfaces with the iPhone, in that one needs the iPhone 5 or higher to work the watch, reports say.

The watch will be in retail stores in early 2015, at price points of $349. The watch is being offered in two sizes - 38mm and 42mm and in three collection - a Sport model and a high-end watch finished in 18K gold.

The higher the version of the Apple Watch, the higher would be its cost. Besides its advantage of health and fitness tracking, the watch can be used for phone calls, music, messages, make mobile payments, track heart rates through special sensors; and also operates applications for opening closing a front door, to open a smart lock, and such, reports add.

There would be six brands and in multiple colors.

The physical characteristics of the watch make it attractive with touch-screen displays, a flexible Retina Display (with laminated crystal of sapphire), "digital crown," along with infrared LEDs and photo diodes to note the pulse and convert movement into data.