The consensus among experts is that quality is the best means of defence. "Our one asset is the quality of our watches," says Vincent Lapaire. "They must become even more reliable, with even greater attention to the smallest details."
Swiss firms currently enjoy a virtual monopoly on luxury watches, yet have they forgotten that luxury is, to a large extent, defined by the image and reputation of a brand and its services. By underestimating these two pillars, they are giving up precious ground that will be hard to win back.