Swatch Plans Summer 2015 Launch of its Own Smartwatch

By John Revill

GRENCHEN, Switzerland--Swatch Group AG (UHR.VX), the world's largest watchmaker, will launch its own internet enabled smartwatch in two countries this summer, Chief Executive Nick Hayek said.

The watch, which has remote payment functions, will be launched in Switzerland and "one big country," Mr. Hayek told shareholders at the Biel-based company's annual general meeting.

He didn't elaborate on the big country for the launch, but it is likely to be either the U.S. or China, two of the company's biggest markets.

The watch is Swatch's response to Apple Inc.'s (AAPL) own smartwatch which was launched earlier this year, as well as similar devices produced by the likes of Samsung Electronics Co. Ltd.(SSNHZ) and others.

Swatch, which produces Tissot, Longines and Omega watches, is seen by analysts as one of the companies most vulnerable to losing sales if Apple's watch is a success.

Write to John Revill at [e-mail]

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