Apple's high-fashion - and high-margin - gadgets

New York

THE most expensive new watch on Apple's website is going for US$17,000. But the US$730 billion iPhone maker's market capitalisation slid US$20 billion during its big reveal of the new gadget on Monday. Though the Watch starts at a more manageable US$349, it's still Apple's most overtly fashion-oriented accessory yet. Shareholders may once again be underestimating the staying power of the company's margins.

Stock punters bid up the company's stock in anticipation as Apple unveiled appetisers such as a new MacBook laptop. But the excitement faded when boss Tim Cook showed off a watch that seemed more nice-to-have than necessary. The whopping price …