The Renaissance and The Swatch
By 1983, the crisis reached a critical point. The Swiss watch industry, which had 1,600 watchmakers in 1970, had now declined to 600. A research consortium, the Swiss ASUAG group (Société Générale de l'Horlogerie Suisse SA), was formed to save the industry and the result was launched in March 1983 – the Swatch. The Swatch would be instrumental in reviving the Swiss watch industry giving a new bill of health to all brands concerned and gave rise to what would become the Swatch Group – the largest watch manufacturer in the world.
The Swatch was sealed in a plastic case with no possibility of repair and was made by industrial robots. It also had a low number of moving parts (51) compared to about 91 for mechanical watches. Furthermore, production was automated, which resulted in a higher profitability.
The Swatch was a huge success. In less than two years, more than 2.5 million Swatches were sold.
Read more about this topic: Quartz Crisis
Famous quotes containing the word renaissance:
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