Panerai

Officine Panerai can trace its roots back to 1860 when Giovanni Panerai opened up his watch shop in Florence, Italy. Giovanni’s grandson Guido Panerai took over the company at the turn of the century and began supplying the Royal Italian Navy, La Regia Marina with high precision instruments. However by the 1970s Panerai gradually ceased supplying the Italian military as the government moved towards disarmament. By the early 1990s, Panerai’s main business became threatened since its revenue was dependent on the needs of the navy. Thus in 1993, Panerai pivoted to the civilian market for the first time and debuted three watch models to the public inspired by watches historically supplied to the Italian Navy: the Luminor, Luminor Marina and the Mare Nostrum. Panerai was subsequently purchased by industry juggernaut Vendome, now Richemont, in 1997.