Nokia developed a competing technology to Bluetooth called Wibree. The business features are: power-efficient (can be used in smaller devices), scalable (using the same components Bluetooth does).

Whats interesting is that they use a close2wearable example to describe the advantage of Wibree:

The technology could compete with Bluetooth in the workplace as a way to link keyboards and other peripherals to computers. But it could also have more interesting applications for consumers, in devices such as wrist watches, toys and sports equipment.

Or more in detail the possible functionality (like with Nike and Apple):

Because of its low power requirements, it could be used in tiny sensors that could be worn by a jogger, for example, to collect information about his heart rate or distance traveled. The sensors could send the information to a mobile phone via Wibree, which in turn would upload the information to a website where the jogger could compare his performance with that of other runners or get advice from a trainer.

via CIO Blog and Nokia (picture from Nokia)