Tag Heuer is finally taking this whole smartwatch thing seriously.

According to Reuters, the company has decided it wants to compete with Apple Watch. It's even mulling acquisitions that will help it leap from luxury watches to smartwatches. Jean-Claude Biver, the CEO who took over Tag Heuer in March, has reportedly been ignoring smart gadgets as if they were a craze, but now he's reconsidered his stance and even drawn up plans for a smartwatch.

Biver has revealed that Tag Heuer started working on a smartwatch around last August and plans include making several partnerships and looking into acquisitions. Alhough many reports have claimed Tag Heuer is developing a smartwatch with a Intel microprocessor and electronic sensors for tracking calories burned, Biver wouldn't confirm if Google and Intel were partners.

Tag Heuer's smartwatch is also rumoured to feature a supplemental mechanical action. None of these features have been confirmed by Tag Heuer, but Biver said the company is hoping to make an official announcement by late 2015: "We'll only do it if we can be first, different and unique," he added, without specifying how much energy or money is being invested on the project.

Tag Heuer is a Swiss watch maker. Founded in 1860 under the name Uhrenmanufaktur Heuer AG, the company operated for more than a century before TAG Group purchased it in 1985. The company then became Tag Heuer and was scooped up by French luxury goods conglomerate LVMH Mo√ęt Hennessy - Louis Vuitton SA in 1999. Apart from watches, Tag Heuer is known for making fashion accessories like eyewear.

Guy Semon, Tag Heuer's general manager, told Reuters he views as smartwatches a challenge to the Swiss watch industry and his company cannot ignore "this tsunami" that is coming closer.

READ: Tag Heuer may unveil its Intel powered smartwatch at CES in January