
Smartwatches? Not at this time, say wary Swiss
Live MintBasel : With their hundreds of years of watchmaking experience, Swiss watchmakers can afford to take a long view of technological fads and fashions. “There’s a lot of noise about smartwatches, but you don’t see them on people’s wrists,” Francois Thiebaud, head of Swatch Group SA’s Tissot brand, told Reuters in an interview at a watch fair in Basel. Family-owned Patek Philippe and Co. and La Montre Hermes, the watch unit of luxury goods group Hermes International SA, don’t see smartwatches as a threat for their business, their heads said. Huge potential Swatch Group chief executive Nick Hayek said last week that the company, the world’s biggest watchmaker, had been approached by several major technology companies for a partnership in smartwatches. Swatch Group’s Swatch and Tissot brands could be best placed for a partnership in the area, since their ranges are in a similar mass-market price band to the target market for smartwatches, said Jean-Claude Biver, head of the watch unit of luxury goods group LVMH.
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