Swiss watchmaker Swatch Group today denied a recent report that it was working with Apple to develop a smartwatch product, reports Reuters. VentureBeat first reported this joint venture, citing an unnamed source with knowledge of Apple's plans.
A spokeswoman for Swatch told Reuters that the Apple rumor was "unfounded," adding that Swatch's only relationship with mobile phone manufacturers, including Apple, is as a supplier of internal electronic circuitry and other smaller components. Swatch Chief Executive Nick Hayek reiterated in an interview with Reuters that "he was not interested in teaming up with a tech group to develop a smartwatch."
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The original VentureBeat rumor claimed Swatch and possibly Timex would build a smartwatch based on Apple's iWatch specifications. These third-party manufacturers would release their watches alongside Apple's own iWatch, providing "a family of smart watches to suit all tastes "from geek to chic."
This type of agreement would be unusual for Swatch, whose CEO has publicly expressed skepticism about the future success of the iWatch, saying he doesn't believe "it's the next revolution." Earlier reports also indicate that Apple is working alone on the iWatch, hiring a variety of medical, fitness and fashion experts to help develop the wearable product.
Apple is rumored to unveil its wearable device later this year with reports indicating it will be available in different materials and at various price points in order to appeal to a range of consumers. The smartband may have a fitness focus with sensors that measure vitals such oxygen saturation, hydration status and heart rate. This data may then be shared with iOS 8's new Health app in order to generate a comprehensive health profile for the user.
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Top Rated Comments
Let me lay it down to you.
SWATCH GROUP owns the Swiss Watchmaking industry; most of all the supply chain of the entire Swiss market.
There are 4 groups in the Swiss watch industry:
1) Swatch Group. By far the largest and most comprehensive group.
2) LVMH Louis Vuitton Monet Hennessey (Swatch's main competitor). They do more than watches as they luxe lifestyle brands like purses and high end liquor. Yet they source mostly from Swatch. They do have some high end brands like Zenith which are in-house.
3) Rolex. One of the largest independent self, in-house Swiss manufacturers
4) Small independents not own by either Swatch or LVMH like Patek
Everyone sources from SWATCH in one form or another including LVMH and Rolex.
Swatch owns ETA and Valjoux the 2 largest movement manufactures. It would be like companies buying engines from General Motors are Toyota. Tag's movements are mostly stock ETA. Even Rolex's low-end Tudor brand sources ETA. Rolex provides their own in-house for their main watches. Even Patek Phillipe sources small parts like springs, rotors, lubrication from one of Swatch's subsidiaries.
I hope this makes it clear.
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The low-end Swatch brand did more than create a new category. It literally saved the Swiss.
Back in 1983. The Swiss watch industry was on the VERGE of collapse from the Japanese quartz. The whole industry was decimated.
Nicolas Hayek form Swatch which sold cheap inexpensive "quartz watches" The success and most, importantly, the PROFITS enable him to create the SWATCH GROUP. This in turn allowed him to consolidate all the small Swiss manufacturing. He then bought out all the old great dead or near dead brands from the grave. From there, the Swiss watch industry saw a new renaissance and now the market has gone up from cheap watches back to multi-thousand dollar mechanical time-pieces. Now you have Omega, Breguet, Blancpain and the Swatch Group has made the Swiss watch industry relevant again.
You mean like 50% of the articles on MR lately? I've noticed that the "rumor" articles lately are very reaching and they still get posted. I know we are not talking about The New York Times here, but someone has to say NO when deciding on posting something ludicrous. And many posts have a counter-post that directly contradicts the previous post. Whatever.
Yes but look at all the watches the Swatch group own:
Breguet, Harry Winston, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, Omega, Longines, Rado, Union Glashütte, Tissot, Balmain, Certina, Mido, Hamilton; Calvin Klein watches + jewelry.
The 'Swatch' is just the absolute basic range.
Breguet
Harry Winston
Blancpain
Glashütte Original
Jaquet Droz
Léon Hatot
Omega
Longines
Rado
Union Glashütte
Tissot
ck watch + jewelry
Balmain
Certina
Mido
Hamilton