Nicolas G. Hayek, the founder of Swatch Group, the world’s largest watch company, died Monday at age 82. 

In the 1970s, Hayek launched the original Swatch watch, which became an instant hit and is often credited with saving the Swiss watch industry from a near collapse brought on by the sudden popularity of quartz watches. More than 300 million Swatch watches have been sold.

Hayek stepped down as CEO of Swatch in 2000, when his son took over, but was still active with the company.

JCK