You can use set
for this. Also with set
you won't have any item duplicated.
Here is output from Python Shell
>>> set1 = set(list1)
>>> set2 = set(list2)
>>> set1
set(['brown', 'timepiece', 'color', 'stainless', 'men', 'resistance', 'fast', 'strap', 'water', 'analog'])
>>> set1-set2
set(['brown', 'timepiece', 'color', 'stainless', 'resistance', 'fast', 'strap'])
>>> set2-set1
set(['red strap', '**water resistant**', '**stainless steel**', '**digital and analog**'])
>>> for each in (set2-set1):
print each
red strap
**water resistant**
**stainless steel**
**digital and analog**
>>> list3 = list(set2-set1)
>>> list3
['red strap', '**water resistant**', '**stainless steel**', '**digital and analog**']