Panerai
Encyclopedia
Officine Panerai Marketing e Communicazioni Srl, a wholly owned subsidiary of Compagnie Financière Richemont S.A.
, designs, manufactures, markets and sells watches under the Officine Panerai brand through authorized dealers and company-owned boutiques worldwide. Giovanni Panerai (1825–1897) founded Officine Panerai in Florence, Italy in 1860. Officine Panerai maintains its headquarters in Florence but manufactures watches in Neuchâtel, Switzerland using both movements
manufactured in-house and movements manufactured by ETA S.A.
Panerai watches played a role in assisting the frogmen of the Decima Flottiglia MAS
in their operations during World War II
. Notable products include the Luminor and Radiomir wristwatches.
(the Royal Italian Navy), supplying watches and precision instruments. Panerai watches of this time consisted of a cases designed and manufactured by Panerai and movement made by Swiss manufacturers including Rolex SA
.
The Florence-based watchmaker produced wrist worn diving instruments and about 300 watches, all for the Italian Marina Militare
, between 1938 and 1993. By that time, the company ceased to provide watches to the Marina Militare, as they were no longer cost-effective nor did they meet the naval specifications. It then moved to launch its products to the civilian market. The actor Sylvester Stallone
spotted and bought a Panerai Luminor in a jewelry store in Rome in 1995 to wear during shooting of the film Daylight
. Stallone ordered a small batch of such watches with his signature on the case back, called Slytech, offering some as gifts to friends. The brands rising popularity caught the attention of Richemont, which acquired Officine Panerai in 1997. At auction and in the collectors market, some of these older models, particularly those produced in the 1940s and '50s have commanded rich premiums.
Radiomir special edition, a reissue of the first Panerai model ever presented to the Italian Marina Militare
. This model was limited to a run of 1936 units. , the price variation within the Contemporary collection varies from $6,000 USD to $25,500 USD for the solid gold Marina.
Panerai makes many watches as either limited or special editions producing fewer watches than the market demands. Retailers may only receive a few limited edition pieces each per year and there are long waiting lists for popular models.
's contract with rival watchmaker Girard-Perregaux
expired in 2005, Ferrari and Panerai entered into a five year agreement to design, manufacture and distribute Panerai watches displaying the Ferrari trademark. The collection was branded Ferrari engineered by Panerai and consisted of two product lines: the sport/elegant "Granturismo" and the aggressively sporty "Scuderia". The collection consisted of 11 models priced between USD
$5,000 and USD$30,000.
Despite unique cases that were not shared with other Panerai watches and unique watch faces displaying the Ferrari brand, the Ferrari engineered by Panerai watches did not sell well, except for a brief time after their initial release, and were usually available for discounted prices. Panerai and Ferrari did not renew the agreement when it expired in 2010.
Richemont
Compagnie Financière Richemont S.A. is a Swiss luxury goods holding company founded in 1988 by the South African businessman Johann Rupert. Richemont categorizes its businesses into four areas: jewellery, watch making, writing instruments and other, which encompasses clothing and firearms. The...
, designs, manufactures, markets and sells watches under the Officine Panerai brand through authorized dealers and company-owned boutiques worldwide. Giovanni Panerai (1825–1897) founded Officine Panerai in Florence, Italy in 1860. Officine Panerai maintains its headquarters in Florence but manufactures watches in Neuchâtel, Switzerland using both movements
Movement (clockwork)
In horology, a movement is the internal mechanism of a clock or watch, as opposed to the case, which encloses and protects the movement, and the face which displays the time. The term originated with mechanical timepieces, whose movements are made of many moving parts...
manufactured in-house and movements manufactured by ETA S.A.
Panerai watches played a role in assisting the frogmen of the Decima Flottiglia MAS
Decima Flottiglia MAS
The Decima Flottiglia MAS was an Italian commando frogman unit of the Regia Marina created during the Fascist regime.The acronym MAS also refers to various light torpedo boats used by the Regia Marina during World...
in their operations during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. Notable products include the Luminor and Radiomir wristwatches.
History
Giovanni Panerai (1825–1897) founded Officine Panerai in Florence, Italy in 1860. By 1900, under the leadership of the founder's grandson Guido Panerai (1873-1934), Officine Panerai had become an official supplier to the Regia MarinaRegia Marina
The Regia Marina dates from the proclamation of the Kingdom of Italy in 1861 after Italian unification...
(the Royal Italian Navy), supplying watches and precision instruments. Panerai watches of this time consisted of a cases designed and manufactured by Panerai and movement made by Swiss manufacturers including Rolex SA
Rolex
Rolex SA is a Swiss watchmaking manufacturer of high-quality, luxury wristwatches. Rolex watches are popularly regarded as status symbols and BusinessWeek magazine ranks Rolex No.71 on its 2007 annual list of the 100 most valuable global brands...
.
The Florence-based watchmaker produced wrist worn diving instruments and about 300 watches, all for the Italian Marina Militare
Marina Militare
The Italian Navy is the navy of the Italian Republic. It is one of the four branches of military forces of Italy; formed in 1946, from what remained of the Regia Marina . As of 2008, the Italian Navy had 35,200 active personnel with 180 commissioned ships, 19 Floating Docks, and 123 aircraft...
, between 1938 and 1993. By that time, the company ceased to provide watches to the Marina Militare, as they were no longer cost-effective nor did they meet the naval specifications. It then moved to launch its products to the civilian market. The actor Sylvester Stallone
Sylvester Stallone
Michael Sylvester Gardenzio Stallone , commonly known as Sylvester Stallone, and nicknamed Sly Stallone, is an American actor, filmmaker, screenwriter, film director and occasional painter. Stallone is known for his machismo and Hollywood action roles. Two of the notable characters he has portrayed...
spotted and bought a Panerai Luminor in a jewelry store in Rome in 1995 to wear during shooting of the film Daylight
Daylight (film)
Daylight is a 1996 disaster film, starring Sylvester Stallone, Amy Brenneman, Viggo Mortensen, Dan Hedaya, and Danielle Harris. It was directed by Rob Cohen and released in theaters on December 6, 1996.-Plot:...
. Stallone ordered a small batch of such watches with his signature on the case back, called Slytech, offering some as gifts to friends. The brands rising popularity caught the attention of Richemont, which acquired Officine Panerai in 1997. At auction and in the collectors market, some of these older models, particularly those produced in the 1940s and '50s have commanded rich premiums.
Products
Panerai has four major lines of watches, Historic, Contemporary, Manifattura and Special Editions. Most watches are produced in a limited run (normally of 500, 1000, 2000 or 4000 units) and carry an issue number on the case back. Panerai issues Special Editions every year. In 2006 it issued the 1936 California DialCalifornia dial
In watch-making, or horology, a California dial refers to a clock face that consists of half Roman and half Arabic numerals . Sometimes the hours of 3, 6, and 9 are replaced with a dash instead of a numeral and an inverted triangle in place of the 12...
Radiomir special edition, a reissue of the first Panerai model ever presented to the Italian Marina Militare
Marina Militare
The Italian Navy is the navy of the Italian Republic. It is one of the four branches of military forces of Italy; formed in 1946, from what remained of the Regia Marina . As of 2008, the Italian Navy had 35,200 active personnel with 180 commissioned ships, 19 Floating Docks, and 123 aircraft...
. This model was limited to a run of 1936 units. , the price variation within the Contemporary collection varies from $6,000 USD to $25,500 USD for the solid gold Marina.
Panerai makes many watches as either limited or special editions producing fewer watches than the market demands. Retailers may only receive a few limited edition pieces each per year and there are long waiting lists for popular models.
Ferrari Branded Panerai Products
When FerrariFerrari
Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari in 1929, as Scuderia Ferrari, the company sponsored drivers and manufactured race cars before moving into production of street-legal vehicles as Ferrari S.p.A. in 1947...
's contract with rival watchmaker Girard-Perregaux
Girard-Perregaux
Girard-Perregaux is a high-end Swiss watch manufacture with its origins dating back to 1791. It is situated in La Chaux-de-Fonds, Switzerland and is a part of the Sowind group, a subsidiary of PPR.- History :...
expired in 2005, Ferrari and Panerai entered into a five year agreement to design, manufacture and distribute Panerai watches displaying the Ferrari trademark. The collection was branded Ferrari engineered by Panerai and consisted of two product lines: the sport/elegant "Granturismo" and the aggressively sporty "Scuderia". The collection consisted of 11 models priced between USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
$5,000 and USD$30,000.
Despite unique cases that were not shared with other Panerai watches and unique watch faces displaying the Ferrari brand, the Ferrari engineered by Panerai watches did not sell well, except for a brief time after their initial release, and were usually available for discounted prices. Panerai and Ferrari did not renew the agreement when it expired in 2010.