They seem open to partnerships - so perhaps it'll be Android Wear powered. It would make sense - they focus on the jewellery aspect, and perhaps even have a third company helping with electronics, and have Google provider the software lawyer.
Or are you suggesting Android Wear is rubbish (seems great to me fro what i've seen - It's the ugly watches that it's currently stuck on that does my head in !)
I can well imagine a scenarios where many vendors, swiss and otherwise, can make Android Wear as big as Android's ecosystem.
Indeed, it would be an interesting world if, every other watch brand from the cheapest to the most high end swiss models adopted Android wear, even if it was a transparent overlay on a very very high quality mechanical watch, whilst Apple were totally isolated and on their own with their one Apple watch.
It could happen.