Apple has trademarked the term "iWatch" in several countries including Russia, Mexico, and Japan. Earlier this month Apple updated its iWatch trademark to cover Class 14, a category given to jewelry, clocks and watches.
Serena Chiesura, Head of Corporate Communications at The Swatch Group Ltd., called Apple's iWatch trademark "confusingly similar" to its ISwatch trademark.
Swatch CEO Nick Hayek told Bloomberg in a telephone interview that Swatch's measures include pointing out the use of "iWatch" to authorities in all the countries where it has been registered as a trademark, but added that it has "no plans" to take Apple to court.
More analysis can be found at Patently Apple.