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Luxury group LVMH doesn't seem to be losing sleep about the Apple Watch. Reuters reports that LVMH Watch Division president Jean-Claude Biver stated that LVMH plans to launch a product that will rival the Apple Watch. Biver just confirmed that the price tag for the competing watch will ring in at about €1,400 or $1,526. Earlier reports about Tag Heuer's luxury smart watch suggested it might have up to 40 hours of battery life as opposed to Apple Watch's 18 hours of battery.
In statements to German newspaper Handelsblatt, Biver said that he welcomed the Apple Watch, and his hope is that Apple's huge marketing push will help revive interest in watches as a whole. His idea is that this will create an entirely new market of shoppers who are interested in buying luxury watches. Though, Reuters also notes that sales for the Apple Watch are reportedly tanking, and that the overwhelming majority of Apple Watch buyers seemed to opt for the lower priced Apple Watch Sport line instead of pricier options.
Accordingly, LVMH's Tag Heuer brand is shifting its strategy as a whole from focusing on higher-end watches priced at €6,500 to pushing watches in the €1,500 to €4,500 range. LVMH also wants to gain more customers in China, especially for the Tag Heuer and Hublot brands. Apple seems to have its sights on China for the Apple Watch too: TechCrunch reports that Apple just released four new commercials today, and two of the four ads are centered around China.