Omega, probably the main competitor
of Rolex decided to be both digital and mechanical. As a consequence, the brand was diluted, the firm went bankrupt in the 80’s. The brand lived on, but had lost much of its market share to Rolex.
The main reason for this
is that Omega failed to recognize what a watch was really about. It wasn’t about function. It was about beauty, luxury and status.
In the 1980’s the market
for digital watches became over- populated and the appearance and status of mechanical watches turned out to be more appealing to many customers.
Patek Philippe's Star Caliber 2000
pocket watch has 21 functions. It keeps track of the sunrise and sunset, the moon phases and changes of the night sky. The watch contains of 1,118 parts, including 135 wheels, 336 screws, and 292 pins. It is sold in sets of four watches for about $10 million.
Thanks to the following sources:
Jörnmark, J. and Ramberg, L. Globala förkastningar 2004 Ekstedt, M., He, C. and Stheen, K. (2004) Schweizisk klockindustri – en tid av omställning. http://www.iht.com/articles/2004/04/15/rtech _ed3_.php http://www.timezone.com/library/archives/ar chives0097