Swatch The company was founded by Nicolas George

Swatch The company was founded by Nicolas George Hayek in 1983. A year earlier, the entrepreneur bought from a number of Swiss banks — creditors 51% of the two largest Swiss watch companies — ASUAG and SSIH (owned brands Omega, Tissot, Rado, Longines, etc. ) [. It is believed that the brand Swatch was created as a counter to the rapidly developing Asian manufacturers of watches that won the watch market for its inexpensive quartz wrist watches. The company’s goal was to return the popularity of a simple clock, which used modern synthetic materials, as well as the latest technology for the assembly of hours. In addition the design has been redesigned, with the result that in 1983 the first watch made according to the highest Swiss quality and very reasonable price, went on sale.

Name

It is believed that the name of the Swatch brand is derived from the phrase «Swiss Watch» (Swiss), but Nicolas George Hayek argued that in fact the name came from the phrase «Second Watch» (second time), that is, the clock on every day, as available accessory.

Swatch in the modern world

Swatch was the official timekeeper of the Olympic Games 1996, 2000 and 2004. In addition, Swatch was the sponsor of the championships in beach volleyball until 2010.

Proceedings

According to Bloomberg reports, a Dutch arbitration court ordered the jewelry company Tiffany & Co. to pay the largest Swiss watch manufacturer Swatch Group AG $ 449 million for breach of agreement on the joint venture. In addition, the costs of the case and assigned to Tiffany & Co, their size is about $ 9 million. Back in 2007, Swatch and Tiffany & Co have entered into a joint venture agreement, which was to make and sell watches under the brand Tiffany & Co. It was assumed that Tiffany Watch stores also will sell Swatch. The conflict began in 2011 when the Swiss company blamed Tiffany & Co of obstructing business development. In 2013, shares of Tiffany & Co have risen in price by 58%, while Swatch capitalization increased by 28%.

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Бушуев Сергей Ахмедьянова Анастасия Понб-