Swatch is a Swiss watchmaker founded in 1983 by Nicolas Hayek, and a flagship company of The Swatch Group. The Swatch product line was developed as a response to the "quartz alarm" of the 1970s and 1980s, in which modern Asian-made watches rivaled traditional European-made mechanical watches. The name Swatch is a contraction of the second watch, since the watches were meant to be casual, inexpensive accessories. Driven by Ernst Thomke, then CEO of ETA SA, Swatch started production in the early 1980's with a small team of watch engineers led by Elmar Mock and Jacques Müller. Conceived as a traditional plastic timekeeper, a publicity strategist employed by Thomke to introduce the idea to investors, Franz Sprecher sought to create a trendy line of watches. Swatch was initially developed to recover Swiss manufacturers ' market share lost after the quartz crisis, and the subsequent popularity of Japanese companies like Seiko and Citizen during the quartz crisis. In 1983 the company recruited Jacques Irniger who had previously worked to start the swatch as Colgate, Nestlé's marketing director. In 1997 the Swatch company opened about 60 stores around the world. On 1 March 1983 a first series of twelve Swatch models was launched in Zürich, Switzerland. The price originally ranged from CHF 39.90 to CHF 49.90, but decreased to CHF 50.00 in the fall of the same year. Sales goals were set in 1983 at one million timepieces and in the following year at 2.5 million. With an aggressive marketing strategy, and a relatively inexpensive price for a Swiss-made watch, it has gained immediate success in its home market. Through fully automating production and the number of parts from standard 91 or more to 51 bits, a Swatch became 80 percent easier to manufacture compared to conventional watches, without any loss of accuracy. During 1985, the Lebanese entrepreneur Nicolas G. Hayek and a consortium of Swiss investors took over the majority shareholding of Swatch in the newly formed business under the name Societe Suisse de Microelectronique et d'Horlogerie. He became executive board member, then executive director in 1986. He later changed the business name to Swatch Group. A combination of marketing and manufacturing experience has resurrected Switzerland to become an important player in the worldwide wristwatch industry. Composite parts were used in the watch cases, with a new process with manufacturing device for super sonic welding. The Irony series is composed of all metal-cased watches from Swatch. It includes all quartz-driven, and automatically controllable, mechanical watches. For ETA 2842 21J/23J the automatic has movement. This behavior is Swatch-only, which has the 2824-2 justification. Irony Chronograph was published August 2013. The First Skin was released on 6 October 1997, as a lighter version of the famous Swatch watch. It is extremely thin and 3.9 mm thick, hence the word Swatch Skin. Later in the Guinness Book of World Records the Swatch Skin became the thinnest plastic watch in the world. The Swatch Chronograph is the Swatch Body's chronograph feature, which adds two more buttons to the watch side. The Bijoux brand is Swatch's jewellery range that has launched in the new millennium. For Bijoux, it was collaborating with Swarovski on encrusting line watches. The Digital Touch show, released in 2011, derives its name from the technologies used on touch screens. The time is seen from a wireless LCD as is the case for many Swatch families. Similar versions, including the backlight for reading in the dark, are available in various show colours. In addition, these Swatch versions of the quartz movement wristwatches feature a near-field connectivity chip to enable contactless payment. In July 2017 Swatch introduced a second generation upgraded pay network for the Chinese industry. As with the Bellamy, many Chinese banks will use a cloud storage system to install and activate the Pay network in Swatch shops.