Synthetic materials were used for the watchcases as well as a new ultra-sonic welding process and assembly technology. This combination of marketing and manufacturing expertise restored Switzerland as a major player in the world wristwatch market. Later he changed company's name to Swatch Group. He became chairman of the board of directors, and CEO in 1986. 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. With an aggressive marketing campaign and relatively low price for a Swiss-made watch, it gained instant popularity in its home market. Sales targets were set to one million timepieces for 1983 and 2.5 million the year after.
Initially the price ranged from CHF 39.90 to CHF 49.90 but was standardized to CHF 50.00 in autumn of the same year. The first collection of twelve Swatch models was introduced on 1 March 1983 in Zürich, Switzerland. In 1983, the group hired Jacques Irniger-who formerly served as the marketing executive for Colgate, Nestlé-to launch the swatch.
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, and to re-popularize analog watches at a time when digital watches had achieved wide popularity. Ĭonceived 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 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.
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