Samsung's S9110 Watchphone@ 2013/09/06
"Today Samsung threw its hat in the wearables race with its announcement of the Galaxy Gear: a companion device designed to be worn like a watch."
Note while the Galaxy Gear is Samsung's first "wearable" by a modern definition of the term, this is definitely not the first connected watch that Samsung has released. Back in 1999 Samsung sold a watchphone under roughly the same conditions as the Galaxy gear. Borrowing from their announcement of the SPH-WP10:
"The SPH-WP10 is Samsung's first product developed as part of a market segmentation strategy designed to respond to the nearly saturated domestic market for wireless handsets. "
In other words, the phone market at the time looked mature and Samsung wanted to ride another growth wave. Sound familiar?