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Is Tag Heuer a "real" watch company ?

I realize it may sound like heresy, but I heard recently from one aficionado that the Tag-Heuer is not a real watch company, as it has no factory, makes no movements, and only repackages watches with their own label. He argues it is more of a fashion than an art. Sounds pretty harsh, but I am sure it applies to a lot of Swiss watch companies. ANY opinions ? I do not necessarily agree - in fact, I have bought my wife 3 Tags in the past 7 years.

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Is Tag Heuer a "real" watch company ?
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