Switzerland's luxury watch industry is making a leap from its traditional production and models to win customers back from disruptors like Apple, the head of watchmaker TAG Heuer told CNBC.
On Nov. 9, TAG Heuer will unveil its $1,800 Android-powered smartwatch in its attempt to take on the Apple Watch, which offers a mid-level range that costs a maximum amount of $1,099.
The president of LVMH's watch division and CEO of Tag Heuer, Jean-Claude Biver, told CNBC Monday that like any newcomer entering into your field, Apple is "big competition."
"How successful has Apple been? We don't know. In the beginning, they were speaking about 10 to 20 million pieces, then sometimes we say they only sold 5 million. Nevertheless, to sell 5 million watches when you have not been a watchmaker is genius. It's phenomenal."
"Now how will it act on the Swiss traditional watch industry? Certainly a big competition, huge! It will be a tsunami, for me. In the price segment, between say $200 and up to eventually $2,000."