Swiss army knife maker Victorinox launches offensive against Apple Watch

Swiss army knife maker Victorinox plans to unveil its version of a smartwatch by the start of next year, its chief executive said on Tuesday.

The Swiss army knife is a popular purchase for Chinese tourists travelling overseas and Victorinox has opened a number of stores in Greater China in recent years as it seeks to expand its footprint in the Asian market.

Swatch, the world's largest watchmaker, announced plans last month to put programmable chips in watches so wearers can make payments with a swipe of the wrist, while Tag Heuer, French luxury group LVMH's biggest watch maker, will launch a smartwatch later this year to compete with the Apple Watch.

"Our concept is something approaching a smartwatch," said Victorinox chief executive Carl Elsener.

Elsener, whose great-grandfather Karl founded Victorinox in 1884, told the Swiss newspaper Aargauer Zeitung the firm would present the new watch at the end of the year or early 2016 at the latest.

"We're looking ... for the opportunity to expand the functions of our watches. But at the same time the watch must have a long lifespan compared to a mobile phone or a computer," Elsener was quoted as saying in an interview published on Tuesday.