Swiss-based luxury watch brand Tag Heuer has successfully overridden the adverse effects of economic recession in China, with the company's CEO believing that the brand sill has more room to grow.

CEO Jean-Claude Biver claimed in a recent interview with Reuters that Tag Heuer's sales in China has grown more than 10 percent so far in 2016, compared with a decline of more than 10 percent only two years ago.

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"For us, China is a country where historically we were not very present, so it is huge opportunity," Biver said, who is widely considered as one of the veterans in the watch-making industry.

"We are investing massively in China while the others are cutting their investments," adding that the investment will drive growth in 2017.

Biver, however, cautioned that owing to unpredictable global trends, Tag Heuer's sales in China as well as globally would increase by only a single digit next year.

Meanwhile, speaking about the brand's recent success, he credited the accomplishment partly to new models that were priced between $1,000 and $ 2,000 and to the launch of Internet-connected watches last year.

The success of the Tag Heuer brand can be gauged from the fact that it has become a sponsor of China National Space Agency and China's national soccer team, Biver added. He also took pride of the brand's recent tie up with Manchester United Football Club, which is equally popular across China.  

The success of Tag Heuer, which is owned by French-based LVMH, comes at time when the Swiss watch industry has been plagued by severe downturn. This is largely owing to sluggish sales for over two years that has brought down Swiss watch exports to 11 percent since the beginning of the year. 

TagsTag Heuer China, Tag Heuer, Jean-Claude Biver, china