Quartz:

Apple didn’t just take a heritage watch case, add a screen, and shove in a microchip and a bunch of sensors. Trying to integrate one company’s microchip with another’s operating system and app ecosystem, then reconciling that combination with your company’s century-old design ideals is going to require some major compromises.

I don’t think the Swiss watchmakers have “no chance” but they are definitely behind a giant 8-ball and don’t seem to understand why. That’s lethal to their desires in this segment of the market.