Fabian: Can someone tell me if it is possible to connect this watch with an iPhone? If so what are the steps? Many thanks
Yes it would appear so.
Search "Aerlink, Wear Connect for iOS" in the play store. Doesn't require root or jailbreak. The App Store part does cost money, Play Store part free. Won't be as full featured as Android-Android connection.
Incidentally it was the first result in a Google search of "Connect Android wear to iPhone".