Where Breitling’s CEO Is Placing His Bets

GRENCHEN, Switzerland — In a downturn, business leaders often talk of continued investments in innovation as keys to unlocking future growth. But as the luxury watch industry’s slowdown continues, Breitling’s chief executive is closing the door on that idea. “We’re going to do more of the same,” says Georges Kern, who has run the private-equity-backed Swiss watchmaker since 2017.

“It doesn’t sound very exciting, but we have a…