Giovanni Panerai founded the company in 1860 in Florence, where it operated as a watchmaking workshop, retail boutique, and technical school. During the early twentieth century, Panerai became a supplier of precision instruments to the Royal Italian Navy, developing highly legible underwater watches and luminous equipment for military divers.

Working with Rolex for cases and movements, Panerai developed the first Radiomir prototypes during the 1930s. These early military watches featured oversized cushion-shaped cases, wire lugs, highly luminous dials, and exceptional underwater legibility. During the 1950s, the maison developed the Luminor, introducing its now-famous crown-protecting bridge and a new luminous compound.

For decades, Panerai watches remained professional military instruments unavailable to the public. The brand entered the civilian market in 1993, quickly attracting collectors through its distinctive oversized cases and authentic naval heritage. Following its acquisition by the Richemont Group in 1997, Panerai expanded globally while investing in Swiss manufacturing, proprietary movements, advanced materials, and professional diving technology.

Key Milestones:
• 1860: Giovanni Panerai establishes Officine Panerai in Florence.
• 1936: Development of the first Radiomir prototype for the Italian Navy.
• 1950: Introduction of the Luminor case with its patented crown-protecting bridge.
• 1993: Panerai launches its first civilian watch collection.
• 1997: Panerai joins the Richemont Group.
• 2026: At Watches & Wonders 2026, Panerai introduces a vintage-inspired Luminor lineup, expands the Luminor Marina family, and unveils new Submersible Luna Rossa limited editions.

Panerai continues demonstrating that military functionality, Italian design, and Swiss mechanical engineering can coexist within one of luxury watchmaking's most distinctive identities.