I don't agree, its like saying Victorinox/Wenger ran out of business because everybody eventually got that small pocket knife of theirs and due to its quality nobody is replacing those.
Yet reality is more like - completely new markets are opening, new rich people look for quality good brands, or father happy with his knife for 20 years will buy another one for his son. Or Miele, brand completely built on just its perceived reliability. They cost 2-3x more compared to even Bosch/Siemens, without any unique features apart from this.
The problem is, as almost everywhere in corporations - C-suite bonus incentives. Quick milking without care about long term strategies or brand name is the name of the game.
Victorinox/Wenger are good examples of a brand associated with a quality product (the original swiss army knife) that now extends that brand over to backpacks, luggage, etc.
Personally, I really like the Filson brand from the United States, but they also suffered from their core products being too-good, ownership changes eventually to a private equity fund, and ended up being driven into a lifestyle brand with a variety of otherwise unrelated product lines and collaborations (e.g. t-shirts) which often get manufactured overseas with lesser quality of materials and construction.
Another example might include other American "heritage" brands of footwear, such as Red Wings and Wolverine; they still make and sell their heritage products at a premium price but have been driven to use their brand to sell other, lesser quality goods with better profit margins.
Yet reality is more like - completely new markets are opening, new rich people look for quality good brands, or father happy with his knife for 20 years will buy another one for his son. Or Miele, brand completely built on just its perceived reliability. They cost 2-3x more compared to even Bosch/Siemens, without any unique features apart from this.
The problem is, as almost everywhere in corporations - C-suite bonus incentives. Quick milking without care about long term strategies or brand name is the name of the game.