A trade mark application for the term "iWatch", which was filed with the Japan Patent Office on 3 June and went public last Thursday (27 June), sparked a 6.9% climb in Apple's shares, from $391.36 on Friday morning to $418.49 at yesterday's close.
The trademark application in itself is not conclusive evidence of an impending product launch and could simply be a defensive move to protect the name. However, it has been rumoured for some time that Apple is working on a new wearable technology product, believed to be a watch, which could launch in the autumn.
Meanwhile, yesterday's confirmation that former
Deneve, himself a former Apple marketer, has managed a series of companies in the luxury fashion industry since leaving Apple in 1997 and has been president of
Cook is a known fan of wearable technology having described the market, which is currently estimated at $800m (£500m), as "ripe for exploration". Furthermore, in reference to rival Google Glass, Cook has said that he sees the wrist as a more "natural" location for a wearable device.