Tag Heuer opens new plant in Jura village
Malcolm Curtis · 6 Nov 2013, 11:51
Published: 06 Nov 2013 11:51 GMT+01:00
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The plant, which produces mechanical movements, will employ 100 people by the end of the year, the company said on Tuesday.
The factory is the fourth opened by Tag Heuer, controlled by French luxury group LVMH, which also owns Swiss watchmakers Hublot, Zenith, Bulgari and Chaumet.
The company, headquartered in the watch-making town of La Chaux-de-Fonds in the canton of Neuchâtel, said with the new plant it expects to be able to double production of its mechanical watch movements to about 100,000 a year by 2016.
Tag Heuer has invested 40 million francs ($44 million) in the past five years to develop new mechanical movements for its watches, it said.
Founded in 1860 by Swiss watchmaker Edouard Heuer, the son of a bootmaker living in the Jura, the company employs 1,000 people globally and bills itself as the “world’s fourth largest prestigious watch brand”.
In addition to its new factory, the company announced the opening of a new boutique in Paris, near the Opéra Garnier.
With major markets in the US and China, Tag Heuer has enlisted the likes of Hollywood actors Leonardo Di Caprio and Cameron Diaz to market its timepieces, which start at around $1,500.