Nicolas Hayek, Father of Swatch dies at age 82

Born Beirut 1928, Nicolas G. Hayek, the founder of Swatch and saviour of the Swiss watch industry passed unexpectedly whilst working, at age 82.

A Titan of Time

A trained mathematician, physicist and chemistry graduate from the University of Lyon, France, Hayek was a pioneer and entrepreneur through and through, starting Hayek Engineering in Zurich in the early 1960s.

By the 1970s, this thought innovator was tasked by Swiss Banks looking to liquidate watch making assets with re-inventing an industry under devastating attack from cheaper yet more precise quartz timepieces from Japan. Hayek takes the reigns of limping watchmaking giants SIHH and ASUAG and in just under 3 years, he unites the two conglomerates into one mega-watch giant SMH – the Societe Suisse de Microelectronique et d’Horlogerie in 1982. The Swatch watch is soon born.

The Visionary

Though the Swiss had been known predominantly for luxury timepieces, Hayek correctly recognised the growing demand for value for money quartz pieces, the opening of stand alone Swatch stores in 1983 spread his little plastic creations rapidly across the globe, millions are sold thanks to the myriad of flashy designs from the likes of notable artists including Keith Haring.

A Marketing Genius

Hayek engineers a marketing coup of immense proportions in 1995 when he successfully wrenches rival Rolex Submariner off the wrist of Hollywood's most iconic hero-spy: James Bond. The resulting publicity and awareness of Bond's choice rockets Omega into the collective conciousness of the public and entrenches Omega as a watch to covet and own. He follows up in 1997, this time with Hamilton. The Hamilton Ventura becomes more than just Elvis's watch, it's the watch for the Men in Black.

The Birth of Swatch Group

Though relatively inexpensive, the Swatch quickly becomes a collector's item with auction prices hitting USD28,000. Swatch also opens the floodgates for the Swiss watch industry making it acceptable for the first time in watch-making history, to own multiple watches.

Ironically, success of the mass market Swatch rescues high-end brands under the SMH umbrella. In 1998, SMH renamed Swatch Group as a nod to its industry saving role, Hayek stuns the industry by bringing Breguet into a family of brands that already include Omega, Longines, Tissot, Calvin Klein and Mido. His first act with Breguet? Creating Breguet's first hit watch in decades- The Double Tourbillon. By 2000, Glashutte joins Swatch, cementing the group as a luxury watch company.

The Man

Called a genuine business celebrity by Harvard Business Review in 1993, his purchase of a controlling stake back in the 80s, coupled with the group's rise and dominance made Hayek the 273rd richest man in the world. His net worth? USD3.2 billion.

His great wealth was accompanied by his great humanity, the recipient of many national and international awards including the French Legion of Honor and the Freedom of the City of Biel, Hayek often spoke of social responsibility and the need to protect jobs rather than destroy existing viable companies in an age of hostile takeovers and corporate downsizing.

His Legacy

His deft and decisive actions with the little plastic watch reignited consumer attention to Swiss watch-making as a whole. "We sell the mentality of Switzerland," he told Swiss News in 2008. Hayek was succeeded by his son, Nicolas Jr in 2002 where he remained as Chairman of Swatch Group till his demise at work in the offices of the company he founded over 30 years ago.

His daughter Nayla sits on the company’s board.