Jon Ive, Senior Vice President of Design at Apple

On the runways of New York, a new item is making a big splash.  New “smart watches” debuted at one of the most prestigious fashion shows in the world.  Not to be topped, Apple is about to launch a new, innovative smart watch known as the “iwatch”.  In a news release, Apple designer Jonathan Ive boldly predicted that the iwatch will bring down the Swiss watch industry. Is it possible that the entire Swiss watch industry can be taken down by a single product?  Or is Mr Ive simply trying a marketing ploy to stir up interest in their new product? While Apple does have a new product on the market, it is not enough to take down the Swiss industry.  People buy a Patek Phillip or Rolex watch, not just to tell time.  True, it does tell time accurate to a millisecond, but it is mainly a status symbol.  People wear a Rolex watch because they can afford the luxury of spending $10, 000 on an item that performs a function available on other devices, such as a cell phone.  Therefore, while the iwatch will certainly be a product of high demand, the Swiss industry is here to stay.