The Birth of Swatch
In 1983, in the midst of the crisis, the Swiss watch industry, Nicolas G. Hayek (1928-2010) through the merger and acquisition of bankrupt Swiss watch companies ASUAG and SSIH founded SMH (Swiss Corporation for Microelectronics and Watchmaking Industries Ltd.). Under his leadership, the company’s position has improved dramatically, and for five years it has become a leading worldwide manufacturer of hour. In 1998 the company was renamed the Swatch Group.
Nicolas G. Hayek, who was then president of Hayek Engineering (Zurich), has to develop a strategy to rescue the two companies. His recommendations calling for the merger and ASUAG SSIH in SMH and inexpensive production of high-tech and emotionally attractive “second watch” – Swatch – were made in 1983 and were accompanied by Hayek Pool’s acquisition of a controlling stake, as well as the appointment of Nicolas G. Hayek, the position of CEO. For five years SMH Group not only maintained hundreds of jobs, but also has become virtually the most influential watch company in the world, as well as the initiator of the revival of the Swiss watch industry.
Under the leadership of Nicolas G. Hayek, in less than twenty years of Swatch Group has managed to create an arsenal of watch brands, who included some of the most prestigious brands in the history of watch-making, creating embodied the glorious tradition of watch-making products for sophisticated connoisseurs of all ages, fashion watches, reflecting the latest trends in the field of avant-garde design, and sports watches that can withstand the toughest obstacles. For the huge achievements Nicolas G. Hayek received wide recognition both in Switzerland and abroad. The founder of Swatch Group has been awarded by a number of prestigious awards.
Today watch brand Swatch – a synonym for fashionable and trendy watches, affordable. The company follows the latest trends, catch trends. From now, everyone can afford watch depending on the personal mood or the season. Swatch Group – is a personal philosophy of its founder, his life values, which could bring an unprecedented way in the largest system of watch brands in the world. And, apparently, this philosophy is good enough to attract millions of followers around the world.