https://techcrunch.com/2020/09/15/apple-introduces-the-apple-watch-se-a-cheaper-apple-watch/

In addition to keeping old generation devices at an entry-level price, Apple is introducing a brand new Apple Watch at a cheaper price point. The new Apple Watch SE features the same design as the newly announced Apple Watch Series 6. But it costs $279.

“The second thing we're doing to make Apple Watch available to even more people is to create a new model that combines elements of Series 6 design with the most essential features of Apple Watch, all at a more affordable price,” Apple COO Jeff Williams said.