When you think of colorful casual fun watches you think of the original Swatch. Luxury items do not have to come with a large price tag. Swatch is the most popular watch in the world and has an important place in the fashion industry They come in a variety of shapes, sizes and colors and some are designed by well known artists. Dr Ernst Thomke and his team of engineers worked on a design with far less components in 1983. This resulted in the thinnest watch which did not have a crystal. Eliminating that component was critical because the watch industry was struggling with the cost of producing watches. The name Swatch was coined from “second watch”. The engineers conscientiously decided to create timepieces that were cheaper than the ones that originally made Switzerland famous by using less components and synthetic outer parts such as the watch cases and straps.
Swiss-Lebanese businessman Nicholas Hayek was asked to liquidate two failing watch companies and to merge with another company. This coincided with the introduction of Swatch. The company that was created was later named the Swatch Group and they are located in Bienne Switzerland. Hayek remained Chairman of the Board and President until his son took over in President 2003 and he remained on as Chairman of the Board until his death when his daughter assumed that position. The history of this great plastic watch is due to the determination of Hayek and the companies innovative marketing strategies put Switzerland back as a leader in Global wristband marketplace.