The brand that got me into spending multiple K's on watches.
What's happened? I think they're still doing ok, they've just been normalised. There was a lot of hype which has cooled down (especially in vintage and earlier SEs) and fatigue from tons of references being pumped out. Plus a perceived cheapening and cost cutting on some models.
But as I said, they're probably doing ok, just not as hyped as they used to be.