Michael Kors unveils its first Android Wear smartwatches

American designer Michael Kors has entered the wearables market. The company unveiled two Android Wear smartwatches: A gold-plated smartwatch for women and a sporty black for men.

The starting price for both the smartwatches is $395.

The smartwatches run on Google's wearable platform Android Wear, which means they can sync with both iPhones and Android phones.

Key features of the watches include display faces, which change with a swipe; interchangeable leather and silicone wristbands; social media updates and text and email alerts; app notifications; built-in fitness tracker and support for Google's voice commands.

The watches will launch in fall of 2016.

Earlier this week, Fossil Group too unveiled Android Wear-based smartwatches. The company added Q Wander and Q Marshal to its smartwatch lineup.

Swiss watchmakers, who once dismissed smartwatches as short-lived gadgets, are now said to be racing to grab a share of a fast-growing market via technology partnerships and stepping up investments.

Shipments of smartwatches overtook traditional watches in the final quarter of 2015, according to Futuresource Consulting.

Now the race is on to grab a chunk of a smartwatch market expected to grow from $1.3 billion in 2014 to $117 billion in 2020, according to researchers Smartwatch Group.