“Luxury Smartwatches”. This term makes me cringe and I’m willing to bet that many monkeys feel the same way. If you’re like me you love “real” watches, the sweeping seconds hand, the beautiful movements, the stunning faces; but at the same time you appreciate the advantages smartwatches can offer. Apple watches I understand, you spend $300 on something that will be obsolete in 2-3 years, but the benefits make it not really that bad of a deal. However “luxury” smartwatches I can’t understand.
Take for example the Montblanc Summit, a smartwatch to be released in 2017. For $950 a watch that will no longer be relevant by its 3rd birthday needs to offer a bit more than just a name. More on the Montblanc here
And this is the problem. When people buy luxury watches they do so 75% for the mechanical complications of the watch and 25% for the brand name, varying of course with the brand (Seiko has a much lower markup than Rolex). People pay big money for the watches because there is a noticeable difference between a Rolex and a Timex (does Timex even make automatics?).
However from what I can discern from articles on the Montblanc Summit, Montblanc is simply offering the same product as an Apple Watch, but at 3X the price (and Apple is already notorious for overpricing).
The closest thing I’ve seen right from a luxury company is Tag Heuer’s “Connected 45”. Their idea is that the smartwatch is completely modular, so when the technology becomes outdated you can pop out the old “movement” (processor), and put a new one in with your old case, band, clasp, etc. They’ve even suggested you would be able to buy a true Tag Heuer movement that would fit in the case. However again at $1500 I don’t think it’s worth it.
How do you envision luxury companies making their way into the smartwatch field effectively? Will they develop new proprietary tech, or will they continue to upcharge for the name value of their brand and hope for the best? What would it take you to shell out for a luxury smartwatch of your own?
