This may not be quite so ridiculous as it sounds
Back in 2007, before the iPhone, if you took a survey asking people if they wanted to own a smartphone, maybe a few percent would say yes. Geeks and PHBs. Not ordinary people. Apple did not invent the smartphone, or invent anything truly original in the iPhone. What they did do was combine existing technologies in a novel way to make the smartphone something that a normal person would want to own.
What if they could do the same for the smart watch? What happens if people who today wear a Rolex want to wear a smart watch because it provides some type of functionality they want to have, just as many of us who had no desire whatsoever to own a smartphone before iPhone and Android couldn't imagine giving them up today? Does anyone really believe these Rolex owners are going to continue wearing their Rolexes on one wrist, and the smart watch on the other?
No, they're going to quit wearing their Rolexes. It is simply a piece of jewelry, and a way to let others know you're well off. There are other pieces of jewelry to wear, and other ways to let others know you're well off. The market for Rolex will crater if smart watches become as popular as smart phones.
Apparently Ive thinks that Apple has re-invented smart watches in the same way they reinvented the smartphone. If he's right, Rolex is in trouble, even though an Apple watch or Samsung watch will never make the same statement as a Rolex. Rich people will make that statement in other ways, with 5 carat diamond cufflinks or a Ferrari.