I think you underestimate the aspirational appeal of a product like this. Prowl the bars around the offices around central London on a worknight and you will see smart guys (because woman tend not to buy bulky sports watches) with diving watches alongside their Armani suits. These guys never go diving but they like the image of someone that does.

This is your market for the Ultra: urban professionals who want to look like they do these things but rarely venture far from their apartment. Even the upper middle classes can be aspirational.