LVMH Moët Hennessy Louis Vuitton will launch a new smart watch to compete with the Apple Watch. The French luxury conglomerate’s watch division president, Jean-Claude Biver, told German newspaper Handelsblatt that LVMH “welcomed the arrival of the Apple Watch because the marketing power of the Apple brand will help create a new class of clients enthusiastic about luxury watches,” according to Business of Fashion.
LVMH’s new wearable technology device will cost just over £1,000 (about $1,526 at the current exchange).
The company also owns watch brands Zenith, Hublot and Tag Heuer. LVMH hopes the new smart watch will make the most impact in China, British Vogue reported, where its watches only make up about 5 percent of its revenue currently.
“Two creative people that are so involved in shaping the future coming back to the same values is an excellent thing,” Biver said back in April, referring to Apple Watch creators Jony Ive and Marc Newson.
“I question its longevity, but I’m happy to have the focus back on the wrist,” he added, according to British Vogue.
Apple watch prices start in the $349 to $399 range, a mid-range model runs from $549 to $599 and a luxury edition ranges from $10,000 to $12,000.
LVMH also plans to lower Tag Heuer’s price category of €6,500 so that watches start at €1,500. This strategy is intended to make the products more competitive with Apple’s mid-range watches.
What do you think of LVMH’s plans to launch a smart watch? Do you think it sounds better than the Apple Watch? We’d love to hear your thoughts in the comments section below.
Courtesy Fashion Times