Editing The Swatch Group

{{other uses|Swatch (disambiguation)}}
{{short description|Swiss watchmaker}}
{{Use dmy dates|date=April 2015}}
{{Infobox company
| name = The Swatch Group Ltd
| logo = Swatch Group.svg
| logo_size = 230px
| caption = 
| type = [[Public company]]
| traded_as = {{unbulleted list | {{SWX|UHR}}, {{SWX3|UHRN}}}}
| fate = 
| predecessor = [[Allgemeine Gesellschaft der Schweizerischen Uhrenindustrie|ASUAG]] and [[Société Suisse pour l'Industrie Horlogère|SSIH]]
| successor = 
| foundation = {{Start date and age|1983}}
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| location_city = [[Biel/Bienne]] ([[canton of Bern]])
| location_country = [[Switzerland]]
| locations = 
| area_served = Worldwide
| key_people = {{unbulleted list | [[Nayla Hayek]] (Chairwoman)| [[Nick Hayek, Jr.]] (CEO)}}
| industry = {{ubl|[[Watchmaking]]|[[Jewellery]]}}
| products = [[Watches]], [[Jewelry]], [[Electronics|Electronic systems]]
| brands = 
| production = 
| services = 
| revenue = {{nowrap|{{increase}} {{CHF|7.89 billion|link=yes|ISO=yes}}}}<ref name=AR2021>{{cite web |url=https://www.swatchgroup.com/sites/default/files/media-files/swatchgroup_2023_en.pdf |title=Annual Report 2023 |access-date=9 October 2024 |publisher=Swatch Group}}</ref>
| revenue_year = 2023
| operating_income = {{nowrap|{{increase}} CHF 1.19 billion}}<ref name=AR2021 />
| income_year = 2023
| net_income = {{nowrap|{{increase}} CHF 890 million}}<ref name=AR2021 />
| net_income_year = 2023
| assets = {{nowrap|{{increase}} CHF 10.5 billion}}<ref name=AR2021 />
| assets_year = 2023
| equity = {{nowrap|{{increase}} CHF 12.26 billion}}<ref name=AR2021 />
| equity_year = 2023
| owner = 
| num_employees = 33,602<ref name=AR2021 />
| num_employees_year = 2023
| parent = 
| divisions = 
| subsid = {{collapsible list
| title = List
| 1 = [[Blancpain]]
| 2 = [[Breguet (brand)|Breguet]]
| 3 = [[Certina]]
| 4 = [[ETA SA]]
| 5 = Flik Flak
| 6 = [[Glashütte Original]]
| 7 = [[Hamilton Watch Company]]
| 8 = [[Harry Winston, Inc.]]
| 9 = [[Jaquet-Droz|Jaquet Droz]]
| 10 = Leon Hatot
| 11 = [[Longines]]
| 12 = [[Mido (watch)|Mido]] 
| 13 = [[Omega SA]]
| 14 = [[Rado (watchmaker)|Rado]]
| 15 = Renata Batteries
| 16 = [[Swatch]]
| 17 = [[Tissot]]
}}
| homepage = {{URL|swatchgroup.com}}
| footnotes = 
}}
'''The Swatch Group Ltd''' is a Swiss manufacturer of watches and jewellery. The company was founded in 1983 through the merger of [[Allgemeine Gesellschaft der Schweizerischen Uhrenindustrie|ASUAG]] and [[Société Suisse pour l'Industrie Horlogère|SSIH]], moving to manufacturing [[Quartz clock|quartz-crystal watches]] to resolve the [[quartz crisis]] threatening the traditional Swiss watchmaking industry.<ref>{{Cite web|url=https://www.hodinkee.com/articles/four-revolutions-quartz-revolution|title=Four Revolutions: Part 1: A Concise History Of The Quartz Revolution|date=October 10, 2017|first=Joe|last=Thompson|website=Hodkinkee|language=en|access-date=2019-03-05}}</ref><ref>{{Cite web|url=https://museum.seiko.co.jp/knowledge/relation/relation_11/index.html|title=The Quartz Crisis and Recovery of Swiss Watches {{!}} Relation between Timepieces and Society|website=The Seiko Museum|language=en|access-date=2019-03-05}}</ref><ref>{{Cite web|url=https://blog.crownandcaliber.com/the-quartz-crisis/|title=The Quartz Crisis|date=2018-04-12|website=Crown & Caliber Blog|language=en-US|access-date=2019-03-05}}</ref>

The Swatch Group is the largest watch company in the world and employs about 31,000 people in 50 countries.<ref>{{Cite web|year=2021|title=Who Owns What: A Guide to the Watch Groups|url=https://www.watchtime.com/featured/who-owns-what-a-guide-to-the-watch-groups/|website=Watchtime}}</ref> The group owns the [[Swatch]] product line and other luxury brands, including [[Blancpain]], [[Breguet (brand)|Breguet]], [[Certina]], [[ETA SA|ETA]], [[Glashütte Original]], [[Hamilton Watch Company|Hamilton]], [[Harry Winston, Inc.|Harry Winston]], [[Longines]], [[Mido (watch)|Mido]], [[Omega SA|Omega]], [[Rado (watchmaker)|Rado]], and [[Tissot]].<ref name=":1">{{Cite web|url=https://www.swatchgroup.com/en/brands-companies|title=Brands & Companies |website=swatchgroup.com|access-date=2019-03-05}}</ref><ref name=":2">{{Cite web|url=https://www.forbes.com/sites/arieladams/2014/07/31/the-few-big-companies-that-own-most-of-the-major-luxury-watch-brands/|title=The Few Big Companies That Own Most Of The Major Luxury Watch Brands|last=Adams|first=Ariel|website=Forbes|language=en|access-date=2019-03-05}}</ref>

== History ==
===SSIH===
SSIH ([[Société Suisse pour l'Industrie Horlogère]]), originated in 1930 with the merger of the [[Omega SA|Omega]] and [[Tissot]] companies. Swiss watch quality was high, but new technology, such as the [[Hamilton Watch Company|Hamilton]] Electric watch introduced in 1957 and the [[Bulova]] Accutron tuning fork watch in 1961, presaged increasing technological competition.

In the late 1970s, SSIH became insolvent due in part to a recession and in part to heavy competition from inexpensive Asian-made quartz crystal watches. These difficulties occurred even though it had become Switzerland's largest, and the world's third largest, producer of watches. Its creditor banks assumed control in 1981.

===ASUAG===
ASUAG ([[Allgemeine Gesellschaft der Schweizerischen Uhrenindustrie]]), formed in 1931, was the world's largest producer of watch movements and the parts thereof ([[balance wheel]]s, [[balance spring]]s, assortments, watch stones ("jewels")). ASUAG had also integrated an array of watch brands in 1972 into a sub-holding company, [[General Watch Co]]. ASUAG failed similarly in 1982.

===The Swatch Group===
ASUAG/SSIH was formed in 1983 from the two financially troubled predecessor companies, ASUAG and SSIH.<ref name=":0">{{Cite web|url=http://www.fundinguniverse.com/company-histories/the-swatch-group-sa-history/|title=History of The Swatch Group SA – FundingUniverse|website=www.fundinguniverse.com|access-date=2019-03-05}}</ref><ref>{{Cite book|url=https://books.google.com/books?id=vjJa9IoDqXgC&q=Swatch+invented+Swatch+internet+times+in+1998&pg=RA2-PT226|title=Understanding Leadership: Paradigms and Cases|last=Avery|first=Gayle C.|date=2004-01-13|publisher=Sage|isbn=9781446266199|language=en}}</ref> Taken private in 1985 by then-CEO [[Nicolas Hayek]], with the understanding of the Swiss banks and the financial assistance of a group of Swiss private investors (in particular [[Stephan Schmidheiny]] and [[Esther Grether]]), it was renamed [[Société de Microélectronique et d'Horlogerie|SMH (Société de Microélectronique et d'Horlogerie)]] in 1986, and ultimately Swatch Group Ltd in 1998.<ref name=":0" />

The "[[swatch]]" brand of watch was launched in 1983, by the [[ETA SA]] CEO [[Ernst Thomke]] and his engineers. The quartz watch was redesigned for manufacturing efficiency and fewer parts, and the styling and design were updated.

== Brands ==
[[File:Blancpain-img 0319.jpg|thumb|right|[[Blancpain]] [[Complication (horology)|complication]] wristwatch]]
[[File:Breguet MG 2576.jpg|thumb|right|[[Breguet (brand)|Breguet]] No. 1705 [[tourbillon]] wristwatch]]
[[File:Glasshuette MG 2613.jpg|thumb|right|Panomatic Lunar watch by [[Glashütte Original]]]]
Over the years, the Swatch Group acquired various luxury watchmaking companies, including [[Blancpain|Blancpain S. A.]] (founded 1735, bought by Swatch in 1992),<ref>{{Cite news|url=https://www.forbes.com/forbes/2000/0918/6608178a.html#5c38cbc434db|title=Time Is Money|last=Levine|first=Joshua|work=Forbes|access-date=2018-11-26|language=en}}</ref> [[Breguet (watch)|Breguet S. A.]] (founded 1775, bought in 1999),<ref>{{Cite news|url=https://www.wsj.com/articles/SB937342048811805386|title=Swatch Agrees to Acquire Breguet From Investcorp|first=Margaret|last=Studer|work=The Wall Street Journal|access-date=2018-11-26|language=en-US}}</ref> and [[Glashütte Original]] (Germany, bought in 2000). The company continued to produce watches under these names.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2019-07-08/swatch-group-factory-tour-blancpain-omega-breguet-jaquet-droz|title=Swatch Group Factory Tour |newspaper=Bloomberg.com|date=2019-07-08|access-date=2020-02-22}}</ref>

HW Holding Inc., owner of [[Harry Winston, Inc.]], an American jewellery and luxury watch company, was acquired on 26 March 2013 for 711 million [[Swiss franc]]s.<ref>{{cite web|url=http://www.swatchgroup.com/en/investor_relations/annual_and_half_year_reports/annual_report_2013|title=Financial reports and development|last=Lorenceau|first=René|publisher=The Swatch Group|access-date=22 March 2015}}</ref> [[Nayla Hayek]] became the CEO. The company bought the world's biggest flawless blue diamond, [[The Winston Blue]], on 15 May 2014.<ref>{{cite magazine|url=https://www.forbes.com/sites/anthonydemarco/2014/05/15/harry-winston-renames-worlds-largest-flawless-vivid-blue-diamond-the-winston-blue/|title=Harry Winston Renames World's Largest Flawless Vivid Blue Diamond, 'The Winston Blue'|date=May 15, 2014|magazine=Forbes|access-date=2014-05-16}}</ref>

The following list includes the brands owned by the Swatch Group:<ref name=":1" /><ref name=":2" />

'''Current'''
{{columns-list |colwidth=25em |
* [[Balmain (fashion house)|Balmain]]
* [[Blancpain]]
* [[Breguet (brand)|Breguet]]
* [[Certina]]
* [[Flik Flak]]
* [[Glashütte Original]]
* [[Hamilton Watch Company|Hamilton]]
* [[Harry Winston, Inc.|Harry Winston]]
* [[Jaquet-Droz|Jaquet Droz]]
* [[Longines]]
* [[Mido (watch)|Mido]] 
* [[Omega SA|Omega]]
* [[Rado (watchmaker)|Rado]]
* [[Swatch]]
* [[Tissot]]
* [[Union Glashütte]]
}}

'''Discontinued or sold'''
{{columns-list |colwidth=25em |
* [[Calvin Klein Watches]]
* [[Endura Watch Factory|Endura]]
* [[Léon Hatot]]
}}

== Watch manufacturing ==

===ETA movement===
Swatch subsidiary [[ETA SA]], which is based in [[Grenchen, Switzerland]], furnishes many [[OEM]] brands, such as [[LVMH]] (which markets [[TAG Heuer]], [[Hublot]] and [[Zenith (watchmaker)|Zenith watch]] lines) and [[Richemont]] (which markets amongst others, [[A. Lange & Söhne]], [[Baume et Mercier|Baume & Mercier]], [[International Watch Company|IWC Schaffhausen]], [[Jaeger-LeCoultre]], [[Panerai|Officine Panerai]], [[Piaget SA|Piaget]], [[Roger Dubuis]], [[Vacheron Constantin]]).<ref>[https://www.theglobeandmail.com/report-on-business/international-business/european-business/swatch-fire-seen-affecting-other-watch-makers/article16125070/ "Swatch fire seen affecting other watch makers" Reuters G+M Dec 30 2013]</ref>

===Electronic systems===
The Swatch Group Electronic System includes:
*''Belenos Clean Power AG''.<ref>[http://www.belenoscleanpower.com/company Company profile ''Benelos Clean Power'']</ref>
* [[EM Microelectronic-Marin]]: Designs and produces ultra-low power, low voltage mixed-signal integrated circuits, [[Liquid-crystal display|LCD]] and modules. IC Product lines include RFID, microcontroller, smart card, ASIC, RTC, reset circuit, watchdog, LCD driver, opto ICs.
* Micro Crystal: produces miniature low power quartz crystals and small low power oscillators.
* [[Renata (battery)|Renata]]: develops and produces micro batteries. Product lines include button cells and rechargeable (Lithium Polymer) batteries.

=== Swatch Internet Time ===
In 1998, Swatch invented "[[Swatch Internet Time]]", intended as a global time system, which divides the day into 1000 "beats" in a single worldwide [[time zone]].<ref>{{Cite book|url=https://books.google.com/books?id=ePUYmdfF13gC&q=Swatch+invented+Swatch+internet+times+in+1998&pg=PA24|title=Internet Research Annual|last=Consalvo|first=Mia|date=2005|publisher=Peter Lang|isbn=9780820468419|language=en}}</ref>

In October 2004, Swatch introduced its first smart watch, the Paparazzi, based on [[Microsoft]] Corporation's SPOT (Smart Personal Objects Technology.)

=== Watchmaking school ===
The '''Swatch Group''' started offering their first class in the ''Nicolas G. Hayek Watchmaking School'' in [[Miami]], [[Florida]], in September 2005. There are other watchmaking schools in [[Glashütte]], Germany; [[Pforzheim]], Germany; [[Kuala Lumpur]], Malaysia; and [[Shanghai]], China.

== Sponsorship ==

=== Sport and event timing ===
Swiss Timing, under brands such as Omega, Longines, and Tissot, provide timing services for sporting events such as [[Formula One]], [[Olympic Games]], [[Tour de France]], and [[Equestrianism|equestrian]] events.<ref>{{cite web|url=http://www.swatchgroup.com/en/brands_and_companies/electronic_systems/swiss_timing|title=Swiss Timing |website=Swatch Group|author=René Lorenceau|access-date=22 March 2015}}</ref> In 2018 it was announced that The Swatch Group would hold its own watch fair in Zurich, during Baselworld 2019.<ref>{{Cite web|url=https://monochrome-watches.com/swatch-group-to-have-its-own-watch-fair-in-zurich-during-baselworld-2019/|title=Swatch Group To Hold its Own Watch Fair In Zurich, During Baselworld 2019|last=Goulard|first=Brice|date=2018-12-20|website=Monochrome Watches|language=en-US|access-date=2020-03-16}}</ref>

===Ventures===
In 1994, Swatch entered into a joint venture with Germany's [[Daimler AG]] to produce the [[Smart (marque)|''Smart'']] car, but they later withdrew from this project.<ref>Lewin, p 132</ref>

Swatch subsidiary ''Belenos Clean Power AG'' entered into a joint venture with the Paul Scherrer Institut in May 2008 to develop a hydrogen fuel cell for a fuel cell powered car.<ref>{{cite web|title=Joint-Venture between Belenos Clean Power AG and the Paul Scherrer Institute PSI|url=http://www.swatchgroup.com/en/services/archive/2008/joint_venture_between_belenos_clean_power_ag_and_the_paul_scherrer_institute_psi|publisher=The Swatch Group|access-date=30 March 2012}}</ref>  Swatch began test drives of the car in Switzerland in 2012. However, the Swatch Group abandoned the project for a fuel-cell-powered car in June 2015, to concentrate instead on a new type of battery with high storage capacity.<ref>{{cite news|last=Galli|first=Hans|title=Swatch gibt Wasserstoffauto auf, Freiburger Groupe E uebernimmt.|url=http://www.derbund.ch/wirtschaft/unternehmen-und-konjunktur/Swatch-gibt-Wasserstoffauto-auf-Freiburger-Groupe-E-uebernimmt/story/23362906|newspaper=Der Bund|access-date=3 July 2015}}</ref>

==See also==
*[[Quartz crisis]]
*[[List of watch manufacturers]]

==References==
{{Reflist|2}}

==Further reading==
* [[Ram Mudambi]], [https://ssrn.com/abstract=634566 "Branding Time: Swatch and Global Brand Management"] Temple University IGMS Case Series No. 05-001, January 2005
*{{cite book|last=Lewin|first=Tony|title=Smart thinking: the little car that made it big|publisher=MBI Publishing|location=St. Paul, Minnesota|isbn=0-7603-1943-X|year=2004}}

==External links==
{{Commons category|Swatch Group}}
* {{official website|https://www.swatchgroup.com/}}
* [http://www.nghayekwatchmakingschool.org The Nicolas G. Hayek Watchmaking School]
* [http://www.fundinguniverse.com/company-histories/The-Swatch-Group-SA-Company-History.html The Swatch Group – history]

{{SMI MID companies}}
{{Swiss Leader Index companies}}
{{Portal bar|Companies|Switzerland}}

{{Authority control}}

{{DEFAULTSORT:Swatch Group}}
[[Category:The Swatch Group| ]]
[[Category:Companies listed on the SIX Swiss Exchange]]
[[Category:Swiss companies established in 1983]]
[[Category:Manufacturing companies established in 1983]]
[[Category:Holding companies established in 1983]]
[[Category:Holding companies of Switzerland]]
[[Category:Luxury brand holding companies]]
[[Category:Multinational companies headquartered in Switzerland]]
[[Category:Watchmaking conglomerates]]