Officine Panerai (also known simply as Panerai) is an Italian luxury watch manufacturer and a wholly-owned subsidiary of Richemont Group. The company was founded by Giovanni Panerai in Florence, Italy in 1860. Headquartered in Geneva, they manufacture their watches in Neuchâtel, Switzerland using in-house manufactured movements. Notable products include the Luminor and Radiomir wristwatches.
Giovanni Panerai opened up his first watch shop in 1860 which was later expanded by his grandson Guido Panerai.
By 1915, Guido invented gun sights that were illuminated by a radium-226/zinc sulfide powder enclosed in small, hermetically sealed vessels and named them Radiomir based on "radio mire", which is Italian for "radium sights".
Panerai then became the official supplier of technical equipment and precision instrument to the Royal Italian Navy and later develop diving watches in their line for the military between 1935 and 1970 supplying around 1,600 watches during this period.
By 1970, the company ceased to provide watches to the Marina Militare, as they were neither cost-effective nor met the naval specifications, and in 1993 moved to launch its products in the civilian market. Following its acquisition of Panerai, Richemont repositioned Panerai as a luxury watch brand and increased prices.