Just because Hermes is a premiere fashion house, and ATT is a despised utility, doesn't change what's happening. There would be no iPhone without ATT. The fact is the iPhone was an exclusive ATT offered product for several years. ATT had far more claim to co-brand the phone with Apple as Hermes does putting their name anywhere on the Watch.
And don't distort what I wrote. Of course Apple is doing this with the full co-operation of Hermes, money likely changed hands. And I couldn't care less whether the casual Hermes customer thinks the internals of the Watch were designed by them (however unlikely), I'm more concerned about the obvious externals, specifically the case of the watch that has the hermes trademark etched into it, when Hermes had absolutely nothing to do with that. What Apple is doing is trying to pass off the Watch as an authorized Hermes knock-off of the classic Cape Cod design. And while I don't have a problem with Apple doing it, I do think it marks a turning point in Apple's marketing policies, one that puts a fashion brand above their own. And this is absolutely no different than what the other smartwatch makers have been derided for doing.