Nicolas Hayek, the creator of the once popular Swatch, died of a heart attack yesterday at age 82. Swatches became extremely popular, particularly among teens and kids, in America in the 1980s. What is not as well-known is that Hayek is credited with actually saving the Swiss watch-making industry, after he was hired to dismantle it!
"Mr. Swatch," as Nicolas Hayek was called, introduced a number of cost-effective shortcuts and established the Swatch brand, which became a worldwide phenomenon. He also instructed existing firms to begin making less expensive models and charge higher prices for "premium" Swiss-made timepieces, as opposed to refusing to make less expensive pieces altogether. He also helped develop the Smart car, now made by a division of DaimlerChrysler AG, saying a city car needed only enough room "for two big adults and a crate of beer." Hayek was a vocal critic of the largest Swiss banks, citing their irresponsibility as a threat to the health of the Swiss economy.
Hayek founded the consultation firm which also worked with/for Nestle and U.S. Steel, among others. He became one of the richest men in Switzerland and retired in 2003. His son succeeded him.
Hayek was known to wear as many as four watches at a time, and publicly declared his love for timepieces many quotable times throughout his life and career.
© C Harris Lynn, 2010
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