Luxury watch manufacturers already had to deal with slowing sales, largely caused because of the euro, and it looks like the Apple Watch could cause further financial stress.
"That watch business, which was great for the last six years, was slowing down before the [Apple Watch]," said Jan Kniffen, retail consultant, and CEO of J. Rogers Kniffen Worldwide Enterprises, in a statement published by CNBC. "This is the nail in the coffin, the new Apple Watch. I don't think it's taking over the world. But it's a negative to those sellers."
Kniffen also said the true market could be for watches from $300 up to $600, and Apple has two models that fit into the price range.
The Apple Watch is expected to give the smartwatch market a major boost, with rival manufacturers saying they welcome additional attention. It wouldn't be surprising to see the Apple Watch quickly top the sales charts, but could have a major fight on its hands later down the road.