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The Korea Times is reporting that LG is planning to show off a successor to its G Watch wearable at IFA next month. The report, citing an unnamed LG official, claims that the device will go by the LG G Watch 2 moniker and be more high-end than the current generation G Watch. LG is reportedly planning to market the device as a competitor to Apple’s supposed, still unannounced iWatch.

The report claims that one of the biggest differences between the G Watch 2 and its predecessor is that it will feature an OLED display instead of an IPS panel. LG is working more closely with other LG branches for the G Watch 2, including LG Innotek (display) and LG Chem (battery), this time around, as well. LG is also reportedly in talks with other premium watch brands for the G Watch 2 in regards to possible partnerships.

Speaking to the Korea Times, an unidentified LG official had the following to say regarding brand partnerships:

LG Electronics is being approached by a lot of authoritative watchmakers for strategic collaboration. They need us and LG also wants to use their well-known brand image to boost the awareness of our smartwatches in key target markets.

One thing left unclear in the report is whether LG will publicly unveil the G Watch 2 at IFA, or simply show it off to executives behind closed doors. Either way, it’s clear that LG is nearing a release of its second-gen smartwatch, even though the first generation G Watch only was made available this summer.

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