Xiaomi-backed Huami teams up with Timex Group to develop next-gen smart wearables

The companies also expect to explore and develop value-added services including e-payment, weight management, sports, fitness and health care-related services for users

Huami shipped 18.1 million smart wearable devices last year. (Xiaomi)

Xiaomi-backed wearable brand Huami on Wednesday announced a partnership with Timex Group to develop new smart wearable products and increase the global market share. Huami's Artificial Intelligence (AI) technology, app design and manufacturing capabilities will meet Timex's expertise as watchmakers to develop a new generation of smart watches.

"We will work to develop business models to promote, market and distribute smartwatches to our combined customer base, and expect to leverage each company's distribution strengths across the global market while benefiting from established online and offline channels," said Wang Huang, Chairman and CEO of Huami Corporation.

The deal aims to help both the companies strengthen their presence in mature markets like the US and Europe as well as emerging markets like India and China, Huami said in a statement.

The companies also expect to explore and develop value-added services including e-payment, weight management, sports, fitness and health care-related services for users.

"Together with Huami, we will bring forth a new generation of smart watches set to disrupt the category," said Tobias Reiss-Schmidt, President and CEO, Timex Group.

"With the deep-rooted product development and craftsmanship capabilities of Timex along with Huami's enhanced sports, healthcare and AI technology, we have the opportunity to bring cutting edge wearable technology to consumers around the world," he added.

Since its inception in 2013, Huami has established its global presence by shipping millions of units of smart wearable devices. The company shipped 18.1 million smart wearable devices last year.