Fur coats, champagne, Russians: The posh spa town in the Engadine is globally famous as an epicenter of celebrated wealth. How did St. Moritz become what it is today? Does it want to stay that way?

St. Moritz – the world's original ski resort – is finally starting to move with the times. The unchanging, olde-world nirvana of grand epicurea and vertiginous pleasure, where fur coats ...