IWC'S NEW FACTORY sits on the outskirts of Schaffhausen in Switzerland - a monument to technological progress in contrast to the charms of the historic town it sits in. All sleek and minimalist in glass and metal, it looks more like a luxurious designer bungalow than a working factory that makes the movement parts and watch faces for the luxury watchmaker.

It would have been completed earlier at the end of 2016 if a financial crisis of sorts hadn't happened, says IWC's chief operating officer Andreas Voll. In January 2015, the Swiss central bank had suddenly severed the Swiss-franc euro link, sending the financial market into a tailspin. The free-floating Swiss franc soared, industries came to a near standstill and most investments in Switzerland were frozen as costs shot through the roof overnight.

Richemont, the Swiss luxury goods holding company, which owns IWC along with other big names like Cartier and Panerai, ordered a temporary halt on work on the new IWC factory - even though the project had already broken ground.