01·1 min read
The Summary
The Wire: Rolex made something it has not made since 1953 and priced it below Patek. Audemars Piguet gave Serena Williams a watch and its CEO explained exactly why. And a Swiss executive described his industry in terms nobody in it usually uses.
The Breakdown: Two of the three largest groups in Swiss watchmaking have lost roughly ninety percent of their operating profit in two years. One senior executive says the cause is not what the industry thinks it is.
