Giovanni Panerai (1825??897) founded Officine Panerai in Florence, Italy in 1860. By 1900, under the leadership of the founder's grandson Guido Panerai (1873??934), Officine Panerai had become an official supplier to the Regia Marina (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 neither cost-effective nor met 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 jewellers 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 sold for high prices. |
