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LVMH president Jean-Claude Biver announced it plans to introduce an intelligent timepiece that will compete with the Apple Watch in terms of functionality and price.

LVMH president Jean-Claude Biver announced that it plans to launch a rival to the Apple Watch that will be priced at approximately $1,500. The France-based luxury goods maker, which owns the Fendi, Hublot, Tag Heuer and Zenith brands, aims to garner a large portion of market shares rather than being sales- and profit-driven.
Biver believed, however, that the Apple Watch helped create a new segment of customers interested in luxury watches.
To improve competitiveness, he said that the company will veer away its Tag Heuer brand from the upmarket price of 6,500 euros, and will instead focus on manufacturing watches that are quoted between 1,500 euros to 4,500 euros.
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