Apple Hires YSL CEO for 'Special Projects,' Fuels iWatch Speculation

Apple Inc has hired the former chief executive of French luxury group Yves Saint Laurent for "special projects" reporting to Chief Executive Officer Tim Cook.

Paul Deneve, who has been based out of YSL's San Francisco offices, has held top positions at other luxury fashion brands, including Lanvin, Nina Ricci and Courreges before he became the CEO of YSL in 2011.

It's not the first time he will be working for Apple. According to his LinkedIn profile, Deneve was a sales and marketing manager for Apple Europe between 1990 and 1997.

Apple did not say exactly what special projects Deneve will be working on, but the Bloomberg news agency reported that he will be reporting directly to CEO Tim Cook.

The new vice-president's background in fashion has fuelled speculation that he was brought on board to help design Apple's new device, which some suspect will be some form of wearable computing, possibly a "smart" watch.

Earlier this week, suspicion that Apple would be coming out with a wearable device some time in the future grew stronger after it was reported that the company had submitted an application to trademark the term iWatch in Japan.