With the looming entry of Apple Inc. (NASDAQ:AAPL) into the watch industry, some may be wondering whether luxury watch makers are starting to sweat.
However, according to Bloomberg’s Stephen Pulvirent, the luxury watch industry won’t be killed by the technology giant that’s set to release the Apple Watch.
The Bloomberg Pursuits reporter said that watch aficionados including him and affluent people who can afford pricey watches will probably go out and buy the Apple Inc. (NASDAQ:AAPL) timepiece once it hits the market. However, he said that the Apple Watch will likely not be his everyday watch.
Bloomberg’s Olivia Sterns revealed that she is contemplating buying the new watch from the iPhone maker. She also made a point that some luxury watch makers are actually happy that Apple Inc. (NASDAQ:AAPL) is making a watch.
According to Sterns, Thierry Stern, the CEO of watchmaker Patek Philippe & Co. told her that Apple making a watch is good for the watch industry in general because it gets the younger generation who has foregone wearing watches to think about owning a watch and be used to wearing a watch. Pulvirent agrees.
“I think that’s very true. While I’ll be out buying an Apple Watch for sure, I’m not getting rid of my 40-year-old Rolex. I’m not going to stop lusting after these kinds of watches. I really think it’s a companion device and not something that’s going to replace a high end watch,” Pulvirent said.
According to him, Apple Inc. (NASDAQ:AAPL) is innovating in the digital side while high-end watch makers are innovating in the mechanical side.
Carl Icahn’s Icahn Capital LP remained the institutional investor with the largest stake in Apple Inc. (NASDAQ:AAPL) by the end of 2014. It owned about 52.76 million shares in the company by the end of last year.
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