Swatches - Bold, brash and sassy, they took the world by storm in the 1980s.

And just in time.

While Swiss watchmakers accounted for 80% of the watches in 1945, in 1951, the US Time Corporation (later Timex) combined automation, precision tooling and simpler design to create robust watches available to the smallest of budgets. (Nearly 40 years later, a similar combination would catapult the Swiss back as leaders.)

Formerly the nearly-exclusive domain of jewelers, watches now showed up as affordable merchandise in department stores, catalog showrooms and sporting goods retail.

But, in a one-two punch, watchmaking innovations, shunned by the Swiss were picked up by the Japanese, thus further killing off dominance by the Swiss. In 13 short years, from 1970 to 1983, the number of Swiss watchmaking firms and employment declined by about 2/3rds.

SSIH and ASUAG, the leading Swiss watchmakers of the time faced foreclosure by their own Swiss banks, and esteemed Swiss brands such as Omega, Longine and Tissot were in danger of falling into competitors' hands.

Much credit lays at the feet of Nicolas G. Hayek, who brought together a combination of business, marketing and technological savvy to create what is now, in the 2010s, the world's largest watchmaker.

Just how that happened, and more about the Swatch "concept" watches will be discussed in future articles.