The Swatch Group
The Swatch Group is one of the world's best known brand names. The company describes itself as "the number one manufacturer of finished watches in the world" with 156 production centres in various countries.Although the Swatch Group today includes some prestige luxury watch brands, the initial emphasis was on the lower end of the market. The name "Swatch" stands not for "Swiss Watch" as is often thought but for "Second Watch". The initial philosophy behind Swatch was that people would buy inexpensive second - or even third - watches with the emphasis on style and fashion.
The Swatch History
Swatch is a relatively new name in the field of watchmaking. The company was initially formed in 1983 by the merger of Swiss watch companies ASUAG and SSIH. The company was initially named "SMH Swiss Corporation for Microelectronics and Watchmaking Industries Ltd". This incredibly cumbersome name was changed in 1998 to The Swatch Group.The initial merger of the two companies was prompted by the Hayek Study. Nicolas G. Hayek was given the task of mapping out a survival strategy for ASUAG and SSIH, both of which had been through troubled times, and Swatch was the ultimate result.
Hayek went on to lead the group and its success is often attrributed to his management.
Luxury Swatch Brands
Since its initial 1980s emphasis on the consumer market, Swatch has expanded its range to include high-end brands. Some of the well known watch brands now part of Swatch include Blancpain, Breguet Rado and Omega.
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