race for "King of Swiss Watch brands", although Rolex sold at a higher price point. Omega tended to be more revolutionary and more professionally focused, while Rolex watches were more ‘evolutionary’ and famous for their mechanical pieces and branding. While Omega and Rolex had dominated in the pre-quartz era, this changed in the 1970s during the quartz crisis, when Japanese watch manufacturers, such as Seiko and Citizen, rose to dominance due to their use of quartz movements. In response, Rolex continued concentrating on its expensive mechanical chronometers where its expertise lay (though it did have some experimentation in quartz), while Omega tried to compete in the quartz watch market with its own quartz movements. Recent development Weakened by the severe monetary crisis and recession of 1975 to 1980, SSIH was bailed out by banks in 1981. During this period, Seiko expressed interest in acquiring Omega, but nothing came of the talks. Switzerland's other watch making giant Allgemeine Schweizerische Uhrenindustrie AG (ASUAG), supplier of a large range of Swiss movements and watch assemblies, was in economic difficulty. It was the principal manufacturer of Ébauche (unfinished movements) and owner, through their sub-holding company General Watch Co (GWC), of various other Swiss watch brands including Longines, Rado, Certina, Hamilton Watch Company and Mido. After drastic financial restructuring, the R&D departments of ASUAG and SSIH merged production operations at the ETA complex in Granges. The two companies completely merged forming ASUAG-SSIH, a holding company, in 1983. Two years later, the holding company was taken over by a group of private investors led by Nicolas Hayek. Renamed Société de Microélectronique et d'Horlogerie (SMH), the new group over the next decade proceeded to become one of the top watch producers in the world. In 1998 it became The Swatch Group, which now manufactures Omega and other brands such as Blancpain, Swatch, and Breguet. Omega experienced a resurgence with advertisement that focused on product placement strategies, such as in the James Bond 007 films; the character had previously worn a Rolex Submariner but switched to the Omega Seamaster Diver 300M with GoldenEye (1995), and later an Omega Planet Ocean and Aqua Terra. Omega adopted many elements of Rolex's business model (i.e. premium pricing, tighter controls of dealer pricing, increasing advertising, etc.), which succeeded in increasing Omega's market share and name recognition to become a direct competitor to Rolex. In 2019, Omega licensed its name and branding to