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Luxury: a gilded cage for the Swiss watch industry? February 2020 Is the watchmaking industry simply coming to the end of a 30-year revolution bent on pursuing the high-end segment as the ultimate goal? Or does the increasingly precipitous decline of volumes, including those of Swatch, the ultimate symbol of Swiss watchmaking resilience, raise the prospect of an even greater problem, which could bring the entire edifice crashing down? Luxury: a gilded cage for the Swiss watch industry? February 2020 Is the watchmaking industry simply coming to the end of a 30-year revolution bent on pursuing the high-end segment as the ultimate goal? Or does the increasingly precipitous decline of volumes, including those of Swatch, the ultimate symbol of Swiss watchmaking resilience, raise the prospect of an even greater problem, which could bring the entire edifice crashing down? ....