Fossil CEO: Wearables Hurting Swiss Watch Success

Swiss watches have been a famed form of timepiece for quite some time. However, the demand for the bands has been dwindling due to demand for wearable devices, according to Fossil CEO Kosta Kartsotis. “I think technology and the whole idea of wearables … has taken some of the oxygen out of the Swiss business,” he said in a Tuesday call with analysts. Kartsotis said that the Texas-based clothing company, known mostly for its watches, views technology as the next great trend in fashion. He said the increased presence of technology-laden competitors and a stronger U.S. dollar as contributing factors in the company’s second quarter revenue decline.

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In other wearables-related news, TD Bank is teaming up with MasterCard and software company Nymi to create the first wearable device that can identify its user based on their heartbeat, allowing individuals to seamlessly make payments. Also, The Next Web has offered up nine way that wearables could further improve the health and fitness sectors.