Visit Tag Heuer’s headquarters in La Chaud de Fonds, and two things stand out.

First, is its sheer scale and slickness, which easily eclipse others in the region that forms the heart of Swiss watchmaking. Second, is the apparent lack of manufacturing, in spite of the scale of the business. And therein lies the paradox – or success – of Tag Heuer today. “Tag Heuer is a company focused on chronographs and professional sports watches. But we have a make or buy strategy. Not even BMW or Mercedes do everything themselves,” says Jean-Christophe Babin, chief executive since November 2000.