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Swiss watches and the Apple Watch
It's not about time
Traditional watchmakers are confident they can see off Apple's new bauble1
WHEN cheap, accurate quartz2 watches started pouring out ofAsiain the 1970s, many Swiss watchmakers went bust3. But the survivors4 recovered their sangfroid5 and went on to prosper6 as crafters of stylish7 timepieces that proclaim the wearer's taste and status better than any electronic gizmo could.
Do Apple's new smartwatch and devices like it portend8 another quartz catastrophe9? Some think they might. Wrists are “prime real estate”, points out Richard Seymour, a design consultant10. Many people park expensive watches there—especially men, since that is the main sort of jewellery that convention allows them. So if smartwatches catch on, they could evict11 the Swiss baubles12.
That seems to be Apple's ambition. It has been poaching talent from fashion houses. Its new watches aim to be more than gadgets13: some have 18-carat gold cases. Sir Jonathan Ive, Apple's design chief, has reportedly boasted to colleagues that the Swiss are in trouble.
They are not trembling yet. Smartwatches are a mere14 “information tool” that say “nothing special” about the wearer, says Jean-Claude Biver, chairman of Hublot, a Swiss brand owned by LVMH, a big luxury group. They become obsolete15 as soon as the technology advances. Swiss watchmakers, on the other hand, are selling “eternity in a box.”
Cheaper and less eternal Swiss-watch brands, from low-end ones like Swatch to mid-market ones like Tissot and Hamilton, seem most at risk. Swatch has already tried to get into smartwatches, in an ill-fated venture with Microsoft a decade ago, and plans to try again. However, Jon Cox of Kepler Cheuvreux, a stockbroker16, points out that watches costing $500 or less provide just 6% of the industry's revenues, so it could survive their loss. Since Swatch also owns several upmarket brands and makes parts for many others, just 5% of its profits are at risk from Apple's watch, Mr Cox reckons.
Mr Biver thinks it may even boost Swiss watchmakers by getting youngsters used to wearing something pricey on their wrists. Existing customers may wear Apples for everyday use, but slip into something more enviable for social occasions. Mr Seymour is not so sure: he thinks Apple will do its utmost to make people wear its watch all the time.
1 bauble | |
n.美观而无价值的饰物 | |
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2 quartz | |
n.石英 | |
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3 bust | |
vt.打破;vi.爆裂;n.半身像;胸部 | |
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4 survivors | |
幸存者,残存者,生还者( survivor的名词复数 ) | |
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5 sangfroid | |
n.沉着冷静 | |
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6 prosper | |
v.成功,兴隆,昌盛;使成功,使昌隆,繁荣 | |
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7 stylish | |
adj.流行的,时髦的;漂亮的,气派的 | |
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8 portend | |
v.预兆,预示;给…以警告 | |
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9 catastrophe | |
n.大灾难,大祸 | |
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10 consultant | |
n.顾问;会诊医师,专科医生 | |
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11 evict | |
vt.驱逐,赶出,撵走 | |
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12 baubles | |
n.小玩意( bauble的名词复数 );华而不实的小件装饰品;无价值的东西;丑角的手杖 | |
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13 gadgets | |
n.小机械,小器具( gadget的名词复数 ) | |
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14 mere | |
adj.纯粹的;仅仅,只不过 | |
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15 obsolete | |
adj.已废弃的,过时的 | |
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16 stockbroker | |
n.股票(或证券),经纪人(或机构) | |
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