Swatch was founded by Nicholas George Hayek in 1983. A year earlier, the entrepreneur bought from a number of Swiss banks - creditors 51% of the two largest watch companies in Switzerland - ASUAG and SSIH (they owned the brands Omega, Tissot, Rado, Longines, etc.)[2]. It is believed that the Swatch brand was created as a counter to the rapidly growing Asian watch manufacturers who conquered the watch market with their inexpensive quartz watches.
The company's goal was to return the popularity of simple watches, for which they used modern synthetic materials, as well as the latest watch assembly technologies. In addition, the design was redesigned, as a result of which in 1983 the first watch, combining high Swiss quality and quite reasonable price, went on sale.
Name
It is believed that the name of the Swatch brand comes from the phrase "Swiss Watch" (Swiss watch), but Nicholas Hayek claimed that in fact the name came from the phrase "Second Watch" (Second watch), that is, a watch for every day, as an affordable accessory.
