Too a large degree , fashion has fanned Panerai's growth and increased awareness and subsequent demand.
But fashions change and brands can soon turn from leaders to followers with that fickle set.
Times are also changing with less young consumers even bothering to wear a watch for many years now - Ok not exactly Panerai consumers, but they grow up.
Panerai should survive and prosper , provided they can bend quickly enough if the market "wind" bears down on them.
Personally , I am not a fan of many of the modern pieces , despite innovation and in house movements they lack the simplicity and charm that is Panerai's DNA.