Hi Paul,
thank you for the kind comments. To me it is quite a unique timepiece with that chain. Brand new but has a very strong retro look to it.
I wrote IWC concierge service and they confirmed that it is in fact 20mm at the lugs:
"Thank you for your contact via our website, IWC.com.
My name is Yoko Nagasawa, Marketing and Communication, IWC Japan Office.
We will be more than happy to answer your question.
The lug width of IW391010 (Portofino Chronograph) is 20mm.
If you are interested in the strap, our technical service center can take your order.
They can answer the techical question also.
We remain at your entire disposal for any further questions.
Sincerely yours,
IWC Schaffhausen
Marketing&Communication
Yoko Nagasawa"