Nicolas Hayek, Swatch Group founder and chairman passes away

Nicolas Hayek, a Lebanese-born business consultant who is widely credited with having saved the Swiss watch industry died Monday in Biel, Switzerland. He was 82.  In the early 1980's , Mr. Hayek originally headed a business consulting firm, which was tasked with overseeing a liquidation of Swiss watch manufacturing firms ASUAG and SSIH, who were encountering stiff competition from Japanese watch manufacturers and reeling from the quartz-digital revolution. Mr. Hayek believed that the Swiss watch manufacturing industry could remain competitive with a restructuring and instead of liquidating ASUAG and SSIH, reorganized and merged the two watchmaking giants, under the name SMH — the Société Suisse de Microélectronique et d’Horlogerie. Hayek than acquired a majority shareholding in SMH.

In 1983 SMH launched the brand Swatch making colorful low cost plastic Swiss made watches. This, together with the implementation of cost reduction measures and marketing the "Made in Switzerland" label, is credited with having saved the Swiss watch industry.  

In 1998, SMH took on its present name, the Swatch Group. His son, Nick Hayek, Jr., is the current CEO of the Swatch Group. Presently, the Swatch Group owns the following brands:

• Luxury Brands: Breguet, Blancpain, Jaquet Droz, Glashütte Original, Léon Hatot, Omega SA, Tiffany & Co.
• High End: Union Glashütte, Rado, Longines
• Middle Range: Tissot, Calvin Klein, Certina, Mido, Pierre Balmain, Hamilton
• Entry level: Swatch, Flik Flak
• Private Label: Endura

Swatch Group Press Release

Biel/Bienne, 28 June 2010 - With deep sadness and regret we inform you that Mr. Nicolas G. Hayek, Chairman and Delegate of the Board of Directors of The Swatch Group Ltd. unexpectedly passed away today due to heart failure during work at his beloved Swatch Group.

Mr. Nicolas G. Hayek's greatest merit was his enormous contribution to the saving of the Swiss watch industry and the foundation and the commercial development of the Swatch Group. Mr. Nicolas G. Hayek's extraordinary vision enabled him to realize and ensure the sustainability of a strong watchmaking enterprise with high Swiss added value. He is rightly recognized as a leading entrepreneur in this country.

With the right personnel decisions, Mr. Nicolas G. Hayek also ensured that his ideas and beliefs will live on and that continuity is guaranteed in regard of shareholders, Board of Directors and the Group Management Board.