Is this watch suitable for formal wear?

Yes. The stainless steel case and bracelet with a plain three-hand dial read as a dress watch, so it fits suits, weddings and office wear. It is less at home with sportswear.

Does it need winding or a battery?

It runs on a quartz movement, so it keeps time on a battery and does not need winding. The battery will need replacing every few years.

Can the bracelet be resized?

A metal link bracelet like this is normally adjusted by removing links at a jeweler or watch shop. Have it sized to your wrist rather than wearing it loose.

Kenneth Cole describes this as a classic dress watch, not a dive watch. Treat it as splash-resistant at most and take it off before swimming or showering.

How does it compare with a dedicated watch brand at the same level?

A fashion-brand watch like this competes on styling and the steel bracelet. Dedicated watchmakers at a similar level usually offer better movements and finishing but plainer designs.