Smart watches are a sign of the times, Tag Heuer admits

Barely a few months after dismissing Apple's smart-watch, the new chief executive of luxury Swiss watchmaker Tag Heuer conceded on Tuesday that such a high-tech gadget might after all have a place in his firm's lineup.

"Initially, we were all a bit reticent," Jean-Claude Biver says in La Chaux-de-Fonds, the Swiss city at the center of the watchmaking industry.

But he insists that any new technology would not dilute the company's reputation for making luxury goods that last.