Hublot (French pronunciation: [yblo]) is a Swiss luxury watchmaker founded in 1980 by Italian Carlo Crocco. The company operates as a wholly owned subsidiary of France's LVMH. In 1980, it also marked the birth of the "Fusion"[clarification needed] concept a few months after being founded. A scion of the Italian Binda Group dynasty, best known for making Breil watches, Carlo Crocco left the company in 1976 to strike out on his own and create a new watch company. Moving to Switzerland he formed MDM Geneve and set about designing a watch that he named the Hublot after the French word for "porthole". The watch that he created featured the first natural rubber strap in the history of watchmaking. It took three years of research to create the strap. Despite failing to attract a single potential customer on the first day of its debut at the 1980 Basel Watch Fair, the watch quickly proved to be a commercial success with sales in excess of $2m in its first year.