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Swatch
Swatch is a Swiss watch company founded in 1983 by Ernst Thomke, Elmar Mock, and Jacques Müller. It is a subsidiary of The Swatch Group. The Swatch product line was developed as a response to the "quartz crisis" of the 1970s and 1980s, in which inexpensive, battery-powered, quartz-regulated watches were competing against more established European watchmakers focused on artisanal craftsmanship producing mostly mechanical watches.
The name Swatch is a contraction of "second watch", its concept of "low-cost, high-tech, artistic and emotional" watches marketed as casual, disposable accessories.
Swatch began development in the early 1980s under the leadership of the then ETA SA's CEO Ernst Thomke with a small team of watch engineers led by Elmar Mock and Jacques Müller.
Conceived as a standard timekeeper in plastic, Franz Sprecher, a marketing consultant hired by Thomke to give the project an outsider's consideration, sought to create a fashionable line of watches.
Swatch was originally intended to re-capture entry level market share lost by Swiss manufacturers of mechanical watches and the subsequent growth of Japanese companies such as Seiko and Citizen in the 1960s and 1970s. It was also meant to re-popularize analog watches at a time when digital watches had achieved wide popularity.
In 1983, the group hired Jacques Irniger—who formerly served as the marketing executive for Colgate and Nestlé—to launch the swatch.
The first collection of twelve Swatch models was introduced on 1 March 1983 in Zürich, Switzerland. Initially the price ranged from CHF 39.90 to CHF 49.90 but was standardized to CHF 50.00 in the autumn of the same year. Sales targets were set at one million timepieces for 1983 and 2.5 million for the year after. With an aggressive marketing campaign and relatively low price for a Swiss-made watch, it gained instant popularity in its home market.
Lebanese entrepreneur Nicolas G. Hayek, together with a group of Swiss investors, took over a majority shareholding of Swatch during 1985 in the newly consolidated group under the name Societe Suisse de Microelectronique et d'Horlogerie, or SMH. He became chairman of the board of directors and CEO in 1986. Later he changed the company's name to Swatch Group.
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Swatch
Swatch is a Swiss watch company founded in 1983 by Ernst Thomke, Elmar Mock, and Jacques Müller. It is a subsidiary of The Swatch Group. The Swatch product line was developed as a response to the "quartz crisis" of the 1970s and 1980s, in which inexpensive, battery-powered, quartz-regulated watches were competing against more established European watchmakers focused on artisanal craftsmanship producing mostly mechanical watches.
The name Swatch is a contraction of "second watch", its concept of "low-cost, high-tech, artistic and emotional" watches marketed as casual, disposable accessories.
Swatch began development in the early 1980s under the leadership of the then ETA SA's CEO Ernst Thomke with a small team of watch engineers led by Elmar Mock and Jacques Müller.
Conceived as a standard timekeeper in plastic, Franz Sprecher, a marketing consultant hired by Thomke to give the project an outsider's consideration, sought to create a fashionable line of watches.
Swatch was originally intended to re-capture entry level market share lost by Swiss manufacturers of mechanical watches and the subsequent growth of Japanese companies such as Seiko and Citizen in the 1960s and 1970s. It was also meant to re-popularize analog watches at a time when digital watches had achieved wide popularity.
In 1983, the group hired Jacques Irniger—who formerly served as the marketing executive for Colgate and Nestlé—to launch the swatch.
The first collection of twelve Swatch models was introduced on 1 March 1983 in Zürich, Switzerland. Initially the price ranged from CHF 39.90 to CHF 49.90 but was standardized to CHF 50.00 in the autumn of the same year. Sales targets were set at one million timepieces for 1983 and 2.5 million for the year after. With an aggressive marketing campaign and relatively low price for a Swiss-made watch, it gained instant popularity in its home market.
Lebanese entrepreneur Nicolas G. Hayek, together with a group of Swiss investors, took over a majority shareholding of Swatch during 1985 in the newly consolidated group under the name Societe Suisse de Microelectronique et d'Horlogerie, or SMH. He became chairman of the board of directors and CEO in 1986. Later he changed the company's name to Swatch Group.
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