(Bloomberg) –Swiss watchmaker Swatch Group AG said it will let a licensing agreement with Calvin Klein expire after more than two decades.

Recent “turbulence” at Calvin Klein’s management led to the decision to end the alliance, which covered watches and jewelry, the Swiss maker of Omega timepieces said in a statement Tuesday.

PVH Corp., the owner of Calvin Klein, named Cheryl Abel-Hodges as the new chief executive officer of the brand earlier this year. Swatch’s decision probably also stemmed from the weakness in the market for low-end watches, Rene Weber, an analyst at Bank Vontobel AG, wrote in a note. He estimates the brand had sales of about $160 million last year, without contributing to earnings.

Read: Investing in Watches

Calvin Klein watches sell for 150 francs to 300 francs, Weber said. Lower-priced timepieces have suffered lately with competition from smartwatches and fashion watches from brands like Michael Kors or Fossil. Many traditional retail channels are disappearing as shopping malls struggle.