
Apple’s upcoming entry into the wearable market may cause a huge problem for the low-end of Switzerland’s watch industry according to Swatch co-inventor Elmar Mock. He believes that the Apple Watch “will put a lot of pressure on the traditional watch industry and jobs in Switzerland.” He continued by telling Bloomberg the following regarding the matter:
Anything in the price range of 500 francs to 1,000 francs ($500-$1,000) is really in danger. I do expect an Ice Age coming toward us.
So far I see watchmakers in this country making the same mistakes as back then. We've seen a lot of arrogance in the Swiss watch industry in the past few years, calling the smartwatch a gadget and not taking it seriously.
Although the Apple Watch is likely to cause some rifts in the industry, Mock is ultimately hopeful that Swiss watchmakers won’t suffer a repeat of its dark days even though he continues to have a grim outlook for the short-term. Mock had the following to say regarding the matter:
We do have the technology, and the Swiss watch industry hasn't lost the competition, just hope the top managements of the companies will react accordingly. Apple won't die if the smartwatch isn't a success. But in the next two to three years, a part of the Swiss watch market will suffer strongly.
Source: Bloomberg
Message