Assuring the iWatch will carry on Apple's legacy of delivering electronics that have been crafted with a flair of luxury, the technology company reportedly recruited set its sights on the powers behind Tag Heuer, purveyor of high-end Swiss watches, and recruited one of its top executives to push the watch to consumers.

Rumors of the iWatch's development have been floating around the tech world since 2012. Direction from the Tag Heuer hire would bring more heft to a product that will face competition from LG, Samsung and Google's Android-based smart watches that are closing in on release dates.

Tag Heuer reportedly revealed on July 4 that one of its top decision makers, sales director Patrick Pruniaux, headed to work for Apple roughly a week earlier. Jean-Claude Biver, head of Tag Heuer's parent company, reportedly said he thought the move was good for the previous sales director and stated that he didn't feel betrayed because Apple wasn't in direct competition with his watch-making company.

"I think it's very clever if Apple is [developing an iWatch]," said Biver. "And if they would do it, I would really say bravo. Because my feeling is that Apple is not only a technology company, it's also a retailer and it's also a luxury brand."

Jon Cox, analyst at Kepler Cheuvreux in Zurich, shared Biver's sentiments that the iWatch wouldn't pose a direct threat to Tag Heuer or any other producers of Swiss luxury watches.

"I don't believe that an iWatch will be a threat to luxury Swiss watches," said Cox. "But where I do see some potential impact is at lower, for example, below $1,000, price points where there could be a temporary dislocation if there is super high demand for iWatches."

Giving credence to rumblings that the iWatch is ready to hit the production line are the rumored October 2014 release date for the iWatch and the recent hire of the veteran Tag Heuer director of sales.

While the iWatch was rumored to be in production in Taiwan and not being manufactured in Switzerland, Biver stated his belief that the iWatch will regarded by many consumers as a luxury item.

"The iWatch will have the same status symbol power as many other Apple products, especially at the beginning," said Biver. "I personally believe it has the potential to be a threat for the industry, and it should not stay with its arms crossed."