In the 1970s, switzerland's watchmakers were almost put out of business when they underestimated the importance of the quartz watch. though the industry recovered and is prospering, today it faces a new technological challenge from "smartwatches" such as samsung electronics co.'s $299 galaxy gear. "how would you like it if your boyfriend brings you a smartwatch instead of a nice pavé diamond watch?" said johann rupert, the controlling shareholder of cie. financiere richemont sa.
posted: 10/26/2013 6:49 AM
Smartwatches pose threat to swiss watch industry