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In the mid-1970s, the Swiss watch industry was in the midst of its worst ever crisis after facing stiff competition from Japanese-made brands. The Swatch brand was launched in 1983 with the original Swatch quartz watch, a slim plastic timepiece with only 51 components that combined top quality with a highly affordable price. Today, after sales of over 200 million watches, the Swatch Group has grown to include brands such as Omega, Longines, Rado, Mido, and Pierre Balmain as well as the original Swatch brand. The name "Swatch" is often misconstrued as a contraction of the words "Swiss Watch," but Nicolas Hayek, Chairman of the Swatch Group, affirms that the original contraction was "Second Watch."
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