Swatch Group Ltd. designs, manufactures, distributes and sells finished watches, watch movements, prestige watch components, electronic systems and luxury jewelry. Based in Biel, Switzerland, The Swatch Group was formed in 1983 through merger of twoSwiss watch manufacturers: ASUAG and SSIH. Formerly SMH Swiss Corporation for Microelectronics and Watchmaking Industries Ltd, the company took its present name in 1998. The Swatch Group is led by G. Nicolas (Nick) Hayek, Jr., son of the late co-founder and chairman Nicolas Hayek.In 2014, gross sales were CHF 9.219 billion, up 4.6% on 2013 results.Worldwide, The Swatch Group employs over 35,600 people in 50 countries.