Savior of Swiss watch industry passed away
Nicholas Hayek, the one who saved the Swiss watch industry, passed on monday June 28. The 82-year-old chairman and agent of the top managerial staff of the Swatch Group died Monday of a coronary failure while he was working in his office in Biel.
In the mid eighties Hayek – as advisor – was drawn nearer by the Swiss banks for a salvage plan for the watch business. The two fundamental makers where on the verge of liquidation and the banks had lost certainty. They didn’t really accept that that Swiss watches could in any case compete with the modest computerized clocks from the Far East.
Hayek was persuaded the Swiss watch industry was practical, anyway productioncosts should be reduced and cost needed to increment. Any individual who needed a ‘Made in Switzerland’ watch had to pay a premium. The enormous makers converged to EMS, in which Hayek got a 51 percent share. Then he presented a cheap watch to the market, which put the Swiss watch industry topsy turvy. Hayek presented plastic cases, quartz drive and large scale manufacturing: Swatch, a watch that turned into a promotion and saved the Swiss watch industry.
In 1998, the showy Swiss with creating shrewd, on the grounds that a city vehicle, as he, at the end of the day, said, had just sufficient space to accommodate ‘two grown-ups and a box of beer’.