"Phony watch" doesn't make sense in English. What does make sense is "phony Rolex watch". A "phony" is something false. Although shoes cannot be phony (unless they are made from cheese, paper, etc.), Addida shoes can be phony (shoes that look like Addidas but are not Addidas). Do you see the difference? And not all phonys are cheap. For example, I saw some very nice phony Rolexes in Assuncion, and I regret not buying one. I have seen phony Rolexes in Mexico that were terrible.