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Doesn't surprise me at all. This is a very common issue with many luxery goods.
A niche brand with a strong legacy struggles to maintain quality and profit. They are bought by a larger group who seeks to make profit from the brand identity, but to do so need to scale sales to a broader audience. The old production methods don't scale well so production is moved offshore where it's cheaper.
Then the brand is milked for all it's worth. While the new owner leverages the brand identity and touts the legacy quality to justify a continued high (or even higher price) the actual methods end up turning out something that simply wasn't what it once was.
Now that's not to say that you can't make a quality product in China, but it may not be what marketing continues to push.
Soon enough though, some smaller niche vendors will step up and start the cycle again.
-spence
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