In good times, Victorinox built up reserves of cash, knowing that at some point there would be more difficult times. As CEO Carl Elsener says, “When you look at the history of world economics, it was always like this. Always! And in the future, it will always be like this. It will never go only up. It will never go only down. It will go up and down and up and down. . . . We do not think in quarters,” he says. “We think in generations.”
