I saw one at the store today, for $10.49. The package says Made in Switzerland but the knife looks like some piece of Taiwan-made junk. The plastic handle had a cruddy texture and wasn't quite the same shade as the usual Victorinox red plastic (I forget what that plastic is called). The swiss cross logo appeared to be printed/painted on instead of inlaid into the plastic. The blades looked to have a cruddy finish too, though all I could see was their spines, since the knife was sealed in the package. Meanwhile, the store also had the Classic SD (smaller, simpler knife) for $12.95, and that looked to be a normal good quality model.
So, it looks like Victorinox, like so many other companies before it, has built a reputation making good stuff and is now trying to cash in by buying cheap crap and putting on its logo, so people will buy the cheap crap expecting to get good stuff. As is usual, we'll soon see the reputation go down the drain instead, as buyers figure out what they're getting for those high prices.
So, it looks like Victorinox, like so many other companies before it, has built a reputation making good stuff and is now trying to cash in by buying cheap crap and putting on its logo, so people will buy the cheap crap expecting to get good stuff. As is usual, we'll soon see the reputation go down the drain instead, as buyers figure out what they're getting for those high prices.