The Apple Watch has yet to hit stores, but that has not stopped Swiss watchmakers from stressing out about the highly anticipated device. Many of these companies are already thinking about creating their own smartwatches to compete, and one of these companies is TAG Heuer International.
TAG Heuer ready to give Apple a run for its money
Jean-Claud Biver, chief executive for TAG Heuer, summed it up, “We started on the project about four months ago. We have done several partnerships and might also do acquisitions.”
Initially, Tag Heuer denied feeling threatend by Apple’s new device. Now that the company announced its plans to invest in the smartwatch market, it has already formulated partnerships to kick-start the process. When Apple first announced the new watch in September, Biver commented that the watch was “too feminine,” claiming it was designed by a student in their first “trimester.”
During a press conference in TAG’s Swiss headquarters, it was first revealed that Tag was making a smartwatch hybrid using digital and mechanical technology. It will also feature a biometric sensor measuring the user’s various health-related metrics, such as heart rate.
The growing wearables market
The smartwatch market is the segment of the tech industry to watch right now. There is a growing influx in wearable devices, most of which are fitness-related. Apple is marketing the Apple Watch as a fitness-oriented device and everyday consumer device. The watch is exclusively compatible with the iPhone 6 and iPhone 6 Plus, which puts a limit on the size of the addressable market, but Apple’s track record of successful devices gives it a huge advantage. Since Apple is a true high-end brand, it’s expected that the Apple Watch will be a hit with the luxury crowd.
This is why it’s not so surprising TAG Heuer is concerned. This brand is also synonymous with luxury. High-end design is not the only selling point for watches these days though, as tech consumers want more. If TAG Heuer wants to compete, it better prepare for a battle.