Via – http://www.cultofmac.com/309512/jony-ive-called-swiss-made-watches-trouble/

“Yesterday, Biver told Bloomberg that TAG Heuer is developing its own smartwatch to counter the Apple Watch. Unnamed Silicon Valley tech companies will provide the tech while TAG Heuer will design the look.
If the name TAG Heuer sounds familiar, it’s because Apple poached one of its executives before the Apple Watch was announced.

TAG’s upcoming smartwatch will also abandon the revered “Swiss Made” label, which requires at least 50 percent of the watch’s components to be made in Switzerland. The watch will have GPS and sensors for health monitoring, although TAG hasn’t revealed any specifics yet.Biver said the Apple Watch mainly threatens watches under the $2,000 price point. Apple hasn’t revealed pricing beyond the base model’s $349, but it’s looking like Jony Ive was right when he said Swiss watchmakers are f**ked.”

It is a very bullish statement, but there is no way high end watches are dead. Maybe the £500 to £2,500 range will suffer, but there will also be room for class.