CEO of haute couture Yves Saint Laurent to become Apple's 'iWatch special project' designer

CEO of haute couture fashion house Yves Saint Laurent (YSL), Paul Deneve is reportedly joining software manufacturer Apple's brigade to become product designer for its latest project in the wearable technology market, 'iWatch'.

Deneve has announced that he is quitting YSL in order to join Apple and report to its CEO Tim Cook and work on 'special projects' which are related to the wearable technology market, The Independent reports.

According to the report, Deneve was named vice president of 'special projects', with a direct line to Cook. However, the company did not detail exactly what Deneve's job would entail.

Apple spokesman said that the company was thrilled to welcome Deneve.

Deneve is well-placed to ensure that the iWatch has the design appeal to take on high-end brands like Rolex in the luxury chronograph market.

Cook had insisted that Apple has not lost its innovative edge since death of founder Late Steve Jobs.

Apple has reportedly trademarked iWatch at a number of jurisdictions and is expected to kick-start the 'smart watch' market, with a device that effectively puts an iPhone on a user's wrist.

Analysts expect that the iWatch would allow users to read emails, run video and respond to social media notifications, to sell for around 200 pounds.

The report said that Apple could also develop a high-end iWatch, incorporating the classic design of a vintage timepiece, to compete with luxury brands like Rolex.