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Chipmaker Intel Corp on Friday said it would work with watches and fashion accessory retailer Fossil Group to develop wearable computing devices.

The collaboration comes as Intel tries to expand beyond the personal computer industry into new markets, including tablets and a growing wave of "smart" watches and other Internet-connected garments.

As well as cooperating on technology-oriented fashion products, Fossil will help Intel's venture capital arm look for investments to accelerate innovation in wearable computing, Intel said in a statement.

Intel has also been working with design company Opening Ceremony to launch a fashion bracelet with semi-precious gems, communications features and wireless charging.