According to NDTV Gadgets:

Asus CEO Jerry Shen during his short visit to New Delhi for the launch of the ZenFone 2 lineup revealed to us that the ZenWatch 2, although in-the-works, will not be launching this year.

Statements made by ASUS' CEO at the end of last year suggest that the next-generation ZenWatch will feature standalone cellular connectivity, much like LG's Watch Urbane LTE. Along with the updated timeline on the ZenWatch, Shen revealed to the publication that the smartwatch will be available in two variants:

Besides revealing the pushed time-frame for Zenwatch 2, Shen additionally told NDTV Gadgets that the wearable will arrive in two versions, one for men and one for women. The details on whether Asus will be launching two differently-designed wearables or just different straps for customisation with same body for both genders, have not yet been revealed.

Shen also stated that ASUS — like LG — is working on a custom-designed OS to improve battery life of its wearable devices, which will be offered alongside Android Wear-based hardware. Finally, those holding out on buying the first-generation ZenWatch in India are out of luck as Shen mentioned that the watch won't be launching in the country.

Source: NDTV Gadgets