Hayek, who was still chairman of Swatch, died unexpectedly of heart failure on Monday, aged 82.
He founded the company – which refers to him as “Mr Swatch” on its website – in the early 1980s and is widely credited with breathing life into the declining Swiss watchmaking industry.
Before Swatch, cheaper, mass-produced Japanese watches were dominating the market.
Hayek’s development of the original plastic Swatch watches introduced Swiss timepieces to a whole new market.
The watches’ low prices and simple design made them a worldwide hit, transforming Swatch into the powerhouse it is today.
"Nicolas G Hayek's greatest merit was his enormous contribution to the saving of the Swiss watch industry and the foundation and the commercial development of the Swatch Group," the company said in a statement.
Swatch was born the early 1980s when Hayek was hired to advise two struggling Swiss watch companies.
Rather than follow the accepted opinion that Switzerland’s watchmaking industry was dying, Hayek merged the two companies to create Swatch Group.
Today, Swatch is the world’s biggest watchmaker, expected to record sales of $6.3 billion this year.
Brands owned by the company include Breguet, Blancpain, Omega, Longines, in addition to the iconic Swatch brand.
"Hayek's extraordinary vision enabled him to realise and ensure the sustainability of a strong watchmaking enterprise with high Swiss added value," Swatch said.
Hayek’s success was helped by his exuberant personality and marketing flair.
Often at the forefront of publicity stunts, he once played a tennis match with Swiss star Martina Hingis.
He was also known for wearing at least two watches on each wrist.
Hayek served as chief executive of Swatch until 2000, when he handed the role to his son Nick and took on the role of chairman.
His death on Monday sent shockwaves through the Swiss business community, even prompting the country’s president to release a statement.
"With his commitment and courageous actions, Mr Nicolas Hayek for decades gave big and important boosts to entrepreneurship," Swiss President Doris Leuthard said.
“We owe Mr Hayek a lot,” she concluded.
Read more: Lord of the watch - Jeweller's interview with Nicolas Hayek
Have "Your say": Login
and add a comment below