A man of vision - Dr. Nicolas G. Hayek (1928-2010)
The Founder
Dr. h.c. Nicolas G. Hayek (1928–2010), a Swiss citizen, served as Chairman and Delegate of the Board of Directors of the Swatch Group from 1986 to 2010. From 1980, Mr. N.G. Hayek acted as a strategic consultant for the Group. In this capacity, he established the guidelines for the merger of ASUAG-SSIH and developed the future strategy of the Group. The University of Neuchâtel and the University of Bologna awarded him honorary doctorates.
Mr. N.G. Hayek was also Chairman of the Board of Directors of the Hayek Group, which he founded and which occasionally works for the Swatch Group on a mandate basis. Mr. N.G. Hayek served on the Advisory Board of the EPFL (Ecole Polytechnique Fédérale de Lausanne) and was also a member of the temporary advisory group High Level Group of the European Union. N.G. Hayek received the "Grand Decoration of Honour in Silver with Star" from the Austrian government, was appointed Officier de la Légion d'honneur by the French government, and was awarded the title Commandeur de l'Ordre des Arts et des Lettres. Both the city of Biel and Meisterschwanden (Aargau) appointed him an honorary citizen. In January 2007, Mr. N.G. Hayek received the Swiss Lifetime Award, which was presented for the first time.
In 2008, he founded Belenos Clean Power Holding AG, of which he was Chairman and Delegate. Mr. N.G. Hayek did not hold any other executive or supervisory responsibilities outside the Group. He held neither official nor political offices.
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The Swatch Group Yesterday
Under the leadership of Nicolas G. Hayek (1928–2010), the Swatch Group has earned a worldwide reputation as a jewel of the watch industry. In the early 1980s, N. G. Hayek enabled the company's resurgence from a severe crisis. His decisive leadership was instrumental in the launch of the Swatch brand in 1983, in whose wake the continuous development and ongoing improvement of the Swatch Group brands followed. His innovative strategies served as a reference model for the entire Swiss watch industry and played a key role in the renaissance of the sector. N.G. Hayek's achievements received widespread recognition both in Switzerland and beyond, as evidenced by numerous awards, including the title of doctor honoris causa, conferred upon him in 1998 by the Universities of Neuchâtel (Switzerland) and Bologna (Italy). Nicolas G. Hayek was Chairman and Delegate of the Board of Directors of The Swatch Group AG from 1986 to 2010. He was also appointed an Officer of the French Legion of Honour.
In 1998, SMH (Swiss Corporation for Microelectronics and Watchmaking Industries Ltd.), which had been founded by Nicolas G. Hayek in 1983 and resulted from the merger of watch companies ASUAG and SSIH, adopted the name The Swatch Group AG. SSIH and ASUAG possessed a large portfolio of well-established Swiss watch brands. ASUAG was founded in 1931, and SSIH a year earlier through the merger of Omega and Tissot. The primary purpose of SSIH was the distribution of high-quality Swiss watches. Through the acquisition of companies involved in the production of high-quality watches and a number of watch brands in the entry-level segment, SSIH gradually established a strong position as a Swiss watch manufacturer. ASUAG's task was to preserve, improve, and develop the Swiss watch industry. ASUAG also achieved growth through the acquisition of a number of ébauche and finished watch manufacturers, which were subsequently consolidated into GWC or General Watch Co. Ltd.
Since the mid-1930s, both ASUAG and SSIH have undertaken efforts to combat the severe crisis and unemployment by launching additional research and development programs within their respective companies. However, it proves difficult for both to pursue a common industrial policy in the affected subsidiaries. During the 1970s, as the Swiss watch industry repeatedly faced crises, both ASUAG and SSIH once again found themselves in difficulties. Foreign competition, especially the Japanese watch industry with its mass production of new, inexpensive electronic products, did everything to take the market by storm. Ultimately, ASUAG and SSIH were on the verge of bankruptcy. Foreign competitors sought to acquire prestigious brands such as Omega, Longines, Tissot, and others.
At this time, Nicolas G. Hayek, President and owner of Hayek Engineering, was commissioned to develop a strategy to secure the future of the two companies. In 1983, the now famous Hayek Study recommended a number of measures aimed at enabling the companies to survive and resume their business. A significant step was undoubtedly the merger of ASUAG and SSIH, which now formed SMH, as well as the launch of a "second watch" at an affordable price, of high quality, artistic, emotional, and Swiss made: the Swatch. The implementation of the measures recommended in the Hayek Study, as well as the acquisition of a majority stake by the Hayek pool and the appointment of Nicolas G. Hayek as CEO, paved the way for the creation of new opportunities and the development of a new culture. Within five years, the SMH Group became the world's leading watch manufacturer and remains so to this day.
The Swatch Group Today
The Swatch Group AG is the world's number one manufacturer of finished watches. Its activities include the production of finished watches, jewelry, movements, and watch components. It manufactures almost all components for the watches sold under its 18 watch brands and its multi-brand distribution label Tourbillon, and also supplies the entire Swiss watch industry. In addition, it operates its own global distribution network. Furthermore, the Swatch Group is a key player in the field of electronic systems.
The Swatch Group owes its name to the unique success story of Swatch, which has earned a place among the most recognized consumer product brand names worldwide. Less than 40 years ago, the Swiss watch industry experienced a severe crisis. The first Swatch watches came onto the market in 1983. Since then, the entire Swiss watch industry has developed and prospered year after year. The Swatch Group has established and maintained itself as a solid and diversified industrial holding company. A very healthy financial base has enabled the expansion of the group and the enlargement of its brand portfolio. Today, the Swatch Group offers watches in all price categories. The Swatch Group's mono-brand stores and the multi-brand Tourbillon boutiques hold dominant positions in all market segments:
- Breguet, Harry Winston, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, and Omega in the prestige and luxury segment
- Longines, Rado, and Union Glashütte in the high segment
- Tissot, Calvin Klein, Certina, Mido, Hamilton, and Balmain in the mid-range segment
- Swatch and Flik Flak in the basic segment
- Tourbillon, the boutique network that unites all Swatch Group prestige and luxury segment brands and the Swatch brand with its watch and jewelry collections in a unique yet exclusive multi-brand environment.
Today, under the leadership of Nayla Hayek, Chair of the Board of Directors, and Nick Hayek, CEO, the Swatch Group continues to make substantial investments in research and development, contributing to the continuous expansion of its leading position in materials and production process technologies, as well as product design and manufacturing. In particular, the Swatch Group undertakes significant development activities in the fields of microelectronics and micromechanics. The Group is also present in the telecommunications, automotive, and services sectors. In the sports sector, timing and measurement technologies play an essential role in ensuring the visibility of the brands and the group, even if they do not represent a central line of activity. A large number of the Group's brands act as official timekeepers at a wide range of international sporting events, including the Olympic Games.
