LVMH eyes up the smartwatch market
21 Oct 2014
French luxury conglomerate LVMH has its sight set on entering the wearable tech game.
Following the unveiling of Apple's Watch and the effect it seems to be having on the industry and consumers alike, the luxury group is considering the possibility of teaming up with a technological firm to launch its own smartwatch.
“There are some talks taking place about a partnership,” said Jean-Claude Biver, president of LVMH’s watch division to the Wall Street Journal. “Maybe in nine months, we will have a smartwatch.”
The luxury conglomerate, which controls labels such as Tag Heur, Zenith, and Bulgari, would be interested in developing a smartwatch for one of its watch brands, although Biver, who is the chairman of Hublot, says the brand would not be interested in wearable technology.
“A smartwatch is very difficult for us because it is contradictory,” pointed Biver. “Luxury is supposed to be eternal … How do you justify a 2,000 dollar smart watch whose technology will become obsolete in two years?” he added, waving his iPhone 6.
But he believes that the watch industry will have to take notice of Apple's spreading influence and will have to act accordingly in order to remain relevant. “Others have done smartwatches before. But when Apple does it, it will sell.”