To quote Jony Ive, „Switzerland is f***ed“. The more functions Apple Watch gets, especially in the health area, the harder it will be to justify wearing a „dumb“ watch. And not many folks would go for the weird two-wrists-two-watches look.
On the other hand, I guess the rich keep getting richer, so if they have to find a way to spend all that cash they might as well collect a bunch of jewellery watches and wear them once in a while. So maybe the luxury makers will be fine.
One last thought: beauty is in the eye of the beholder. While I can appreciate the craftsmanship of mechanical watches, in this day and age they mainly look old and broken to me.