Paltrow has been named as a "friend of the brand" by the Swiss company, which will model its new image on the exclusive Hamptons area of New York, reports contactmusic.com.
Although she will not appear in any promotional campaign for the brand, the 38-year-old beauty will be involved with "communication projects", including attending the upcoming Salon International de la Haute Horlogerie (SIHH) - the annual showcase for exclusive timepieces to be held later this month.
Paltrow's role comes after chief executive officer Alain Zimmerman announced the luxury watchmaker had "suffered in recent years from a lack of appeal and visibility" and decided to discontinue the entire collection aside from its bestseller, the Classima.
The company has re-launched the Linea and Capeland lines and will premiere the Hampton collection in October.
"Our positioning remains as a brand that offers high-quality products with a beautiful design," said Zimmerman.
Paltrow follows actresses Meg Ryan, Kim Basinger, Teri Hatcher and Evangeline Lilly as an ambassador for the company.
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