(The Canadian Press) NEW YORK _ Apple Inc. (NASDAQ: AAPL, Stock Forum) says it has hired Paul Deneve, the CEO of high-end fashion brand Yves Saint Laurent, to work on special projects reporting to CEO Tim Cook.
This development has caused speculation that that Apple’s next device will be some form of wearable computing, possibly a “smart watch.”
Apple shares were up slightly on the news, rising 0.55% to $420.80, leaving the company with a market cap of $394.9 billion, based on 938.6 million shares outstanding. The 52-week range is $705.07 and $385.10.
Cupertino, Calif.-based Apple Inc. did not give more details on what Deneve will be doing. The hire comes as Apple faces increased competition from rivals like Google and Samsung, who are developing their own lines of elegant and often less expensive products.
The French luxury name is known for edgy styles _ $4,000 strapless body-hugging leather dresses, $1,400 leather jeans and $800 platform shoes. Apple, of course, is known for the Mac, the iPhone and the iPad, which ranges from $499 to $929 for the latest version.
Apple also sells handbags designed for its products, from brands such as Michael Kors and Kate Spade.
Bloomberg news agency reported that Deneve will be reporting directly to Apple CEO Tim Cook, who suggested earlier this year that wearable computing devices have the potential to be the next new technological gadgets.
This area of consumer technology was “ripe for exploration,” he said.