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posted: 10/26/2013 6:49 AM

Smartwatches pose threat to swiss watch industry

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  • Many Swiss watchmakers will likely continue to do well because a smartwatch may often be an addition to a collection rather than a replacement for a $5,000 Rolex, according to Jon Cox, an analyst at Kepler Cheuvreux in Zurich.

      Many Swiss watchmakers will likely continue to do well because a smartwatch may often be an addition to a collection rather than a replacement for a $5,000 Rolex, according to Jon Cox, an analyst at Kepler Cheuvreux in Zurich.
    associated press

 
Bloomberg

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.

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