A recent Fourth Circuit decision is yet another setback for the Swiss watch maker’s efforts against Beehive Wholesale, which makes and sells watches with interchangeable bands and faces. The case offers an in-depth discussion of the proper standard of review for a district court when considering an appeal from the TTAB. Swatch AG v. Beehive Wholesale, LLC, Civ. No. 12-cv-2126, 2014 WL 46454 (4th Cir. Jan. 7, 2014).