Patek Philippe to TAG Heuer: Your $15,000 Watch Is Too Cheap
- Stern says TAG Heuer's cheap tourbillon may ruin Swiss quality
- TAG CEO Biver says Patek needn't fear low-cost competition
Tag Heuer CEO: Suffering From International Problems
Patek Philippe Chairman Thierry Stern said rival TAG Heuer will have a difficult time competing with Apple Inc. in smartwatches and is ruining Swiss craftsmanship by making cheaper versions of complicated mechanisms, a rare face-off between the doyen of the industry and its enfant terrible.
Swiss watchmakers such as TAG Heuer rushed into making smartwatches and not all will be winners because they don’t have the expertise, Stern said at the Baselworld trade fair Wednesday.