Swiss watch maker Tag Heuer recently revealed plans to launch its $1,800 Android powered smartwatch next month 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 earlier this month that Apple is "big competition."
Samsung also unveiled its latest smartwatch – the Gear S2 in September as it looks to find a winning product to take on Apple in the rapidly growing wearables market.
"There is no a clear single data that shows us that the consumption of Swiss watches will bounce back and the wholesaler will start an aggressive re-stocking policy. So at the moment, we have a (Swiss watch) market where we can expect to growth in low single digits," Ortelli said.