It certainly seems to me that Apple aren't even trying to directly compete for the audience that Android Wear attracts.
Ben Thompson[1] has been talking for months about Apple moving properly into the luxury goods sector. The Watch seems like their first real push in that direction.
Also, based purely on style, the Apple watch looks quite luxurious, and the pictures really do make it seem "expensive". However, I also find other smart watches quite nice, such as the Moto360.
[0] - http://www.subtraction.com/2014/07/09/looks-by-dr-dre/
So, nothing new there except now they compete with existing fashion items.
All told, even though the article was gushing (almost to the point of shill) it still admits it's bulky, it's for nerds and it's a market category noone asked for. We will see how it goes.