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The man behind Swatch watches dies

The man behind Swatch watches dies

The death has taken place of Nicholas Hayek who was behind the world-wide success of Swatch watches and was credited with saving the Swiss watch industry. He was 82.

Mr. Hayek became involved in the watch industry after his consultancy firm was asked by Swiss banks in the 1980s to report on the future of the sector. 

At the time, two of the country’s leading watch companies were facing difficulties. Mr. Hayek said he believed the industry could survive by making major changes, including the introduction of cheaper products.

Under the guidance of Mr. Hayek’s consultancy the two watch-making firms merged to form SMH. He eventually bought a 51 per cent stake in the new company and pioneered the introduction of the plastic wristwatch, the Swatch. 

The watches became a world-wide success. SMH was renamed the Swatch Group in 1998. The company is now the world’s biggest watchmaker and is expected to enjoy sales of over £3bn this year.

Mr. Hayek was still chairman of the company. The firm said he died after suffering heart failure while working at his office in Biel.

 

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