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I think a big part of it is the lack of streamlined products.
I went on the Panerai website the other day and there are 6 yes, SIX different 'collaboration' submersibles available with brands like Brabus and Navy Seals etc. What is that about.
Furthermore there are 20 OTHER different submersible models to choose from, all slightly different.
The same is to be said for the Luminor and the Radiomir lines. There is just too much of the same, and not enough innovation.
For example, why would you buy a new luminor when the older model is almost the same with a better movement, more water resistance and half the price on the secondary market.
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