TAG Heuer just brought back its Team Ikuzawa collaboration on the Carrera, and this time it landed on the Glassbox case. The new Carrera Chronograph x Team Ikuzawa (ref. CBS221M.EB0435) is a 39mm, 150-piece limited edition with a white Clou de Paris dial, red lacquered chronograph hands, and a price of $10,500. It is a specific, sourced release, not a rumor: Monochrome Watches confirmed the full spec sheet on July 30, 2026.
This post includes AI-generated images built from real reference photography of the watch discussed, verified by our team for accuracy before publishing.
The short answer
TAG Heuer and Team Ikuzawa's second collaboration puts a red-and-white livery on the vintage-correct Carrera Glassbox case. The reference is CBS221M.EB0435: 39mm stainless steel, TH20-10 in-house chronograph movement, 80-hour power reserve, and a white dial that pulls its bicompax layout and Team Ikuzawa logo straight from a 1960s Heuer Roadmaster stopwatch. It is limited to 150 pieces at $10,500, roughly double the standard Glassbox chronograph.
Who is Team Ikuzawa, and why TAG Heuer keeps coming back to them
Team Ikuzawa was founded in 1981 and now operates as a platform connecting motorsport history with art, fashion, and design, built around a distinctive red-and-white racing livery. Mai Ikuzawa, the team's Principal and Creative Director, was raised around racing circuits in Tokyo and studied at Central Saint Martins before spending two decades across creative fields. Her stated approach: motorsport history can be preserved without being frozen in time.
This is the second project between TAG Heuer and Team Ikuzawa, following an initial collaboration in 2023. George Bamford of Bamford Watch Department joined this round as a creative partner, translating the team's visual identity into the watch's design language rather than just slapping a logo on a standard case.
The Carrera Chronograph x Team Ikuzawa, ref. CBS221M.EB0435. White Clou de Paris dial, red lacquered hands, no tachymeter scale on the dial itself.
Design lineage, not licensed merchandise
The watch draws directly from the vintage Heuer Roadmaster stopwatch, a real timing instrument from Heuer's motorsport archive. That is where the bicompax layout, the printed indices, and the red accenting all originate. The result reads like something that could have existed in period, not a modern chronograph with a sticker on it.
What is actually new here: case, dial, movement
The case is the Glassbox: 39mm diameter, 13.9mm thick, 46mm lug-to-lug, in brushed and polished stainless steel with a domed sapphire crystal and double anti-reflective coating. Water resistance sits at 100 meters, and the screw-down crown carries a red lacquered ring that matches the dial accents.
Inside is TAG Heuer's manufacture caliber TH20-10, an automatic chronograph with a column wheel and vertical clutch, running at 4Hz with an 80-hour power reserve. That is a real movement upgrade over the ETA-based Calibre 16 that powers cheaper Carreras, and it shows up in the price.
The screw-down crown's red lacquered ring is a small detail, but it is the kind of detail that separates a real collaboration from a paint job.
Reference specs
| Spec | Detail |
|---|---|
| Reference | CBS221M.EB0435 |
| Case | 39mm x 13.9mm, 46mm lug-to-lug, stainless steel |
| Movement | TH20-10 automatic, column wheel, vertical clutch |
| Power reserve | 80 hours |
| Water resistance | 100m |
| Dial | White Clou de Paris, black flange, red lacquered hands |
| Limited edition | 150 pieces |
| Price | $10,500 / EUR 10,450 / CHF 9,900 |
The dial itself carries no tachymeter scale and no running seconds subdial. The bicompax layout runs a 30-minute counter at 3 o'clock and a 12-hour counter at 9 o'clock, with the Team Ikuzawa logo placed at 6 o'clock rather than crowding the upper dial.
Price, availability, and the pre-owned angle
At $10,500 for 150 pieces, this is not a watch that will sit on a shelf. Collaborations with a real design story and a hard cap tend to move fast at retail and then trade at a premium once the allocation runs out, though 5D Watches will not have pre-owned availability on this specific reference for some time given the release date.
It comes on a seven-row stainless steel bracelet with a folding clasp, and TAG Heuer includes a perforated white leather strap with red stitching and a white textile strap with red stripes in the box.
Three strap options come in the box: the steel bracelet, a perforated white leather strap, and a red-striped textile strap.
On the wrist
At 39mm, the Glassbox case wears close and period-correct rather than oversized, and the domed crystal adds real height without pushing the lug-to-lug past 46mm. It sits well under a cuff and does not read as a novelty piece despite the livery.
The Glassbox profile keeps the case compact despite the domed crystal, one reason the 39mm size wears larger in photos than it does in person.
FAQ
What is the price of the TAG Heuer Carrera x Team Ikuzawa?
$10,500 USD (EUR 10,450 / CHF 9,900), limited to 150 pieces worldwide.
What movement is inside the Carrera x Team Ikuzawa?
TAG Heuer's manufacture caliber TH20-10, an automatic chronograph with a column wheel and vertical clutch, offering an 80-hour power reserve.
Who is Team Ikuzawa?
A motorsport-and-design collective founded in 1981, now led by Mai Ikuzawa, known for a red-and-white racing livery. This is their second TAG Heuer collaboration, following a 2023 project.
Is the Carrera x Team Ikuzawa a Glassbox model?
Yes. It uses TAG Heuer's Glassbox case with the domed sapphire crystal that references the original 1963 Carrera, in the 39mm size.
Will this reference be available pre-owned?
Not immediately. It is a fresh 150-piece limited edition as of this writing, so pre-owned examples will take time to reach the secondary market.
Related reading
For the full modern Carrera range and what standard references actually cost, see TAG Heuer Carrera Buying Guide: Every Modern Reference and What It Actually Costs. For how the chronograph complication itself works, read What Is a Chronograph? How the Stopwatch on Your Wrist Actually Works. And for context on how limited-edition pricing behaves once an allocation sells out, see The Grey Market, Explained: Why Some Watches Cost More There and Most Cost Less.