Watchbi

Switzerland · Founded 1860

Panerai

The Italian Navy's early Radiomirs were built by Rolex; Panerai supplied the dials.

Panerai is a Richemont-owned watch brand that began as a Florence watch shop in 1860 and became an instrument supplier to the Italian Navy. Its large cushion-cased Radiomir and the Luminor, with its crown-protecting bridge, have been sold to civilians since 1993 and are made in Neuchâtel. Most new models list between about €6,000 and €12,000.

History

Giovanni Panerai opened a watch shop on the Ponte alle Grazie in Florence in 1860, which also served as the city's first watchmaking school. His grandson Guido Panerai expanded the business, known as Orologeria Svizzera, and took over his wife's family's mechanical workshop, turning the firm towards precision equipment for the Royal Italian Navy. In 1916 Panerai registered the patent for Radiomir, a radium-based luminous compound first used for gun sights; the name comes from the Italian radio mire, radium sights.

In 1935 the navy commissioned the first Radiomir prototype, ref. 2533, for its underwater units, and the ref. 3646 followed with a 47 mm cushion case and a sandwich dial. Apart from the later GPF 2/56, these watches were made by Rolex, using pocket-watch movements based on Cortébert calibres, while Panerai produced the luminous dials. Between 1935 and 1970 Panerai delivered around 1,600 watches, most to the Marina Militare. In 1956 it made the GPF 2/56 for the Egyptian Navy.

In 1949 Panerai registered Luminor as the trademark for a tritium-based compound that replaced radioactive radium, and in 1956 it patented the crown-protecting bridge that defines the Luminor case. Navy supply ended by 1970, as the watches were no longer cost-effective. In 1993 Panerai launched its first civilian collection, three limited editions: the 44 mm Luminor, the Luminor Marina and the 42 mm Mare Nostrum chronograph. The Vendôme Luxury Group, part of Richemont, bought the company in 1997, repositioned it as a luxury brand and raised prices.

Under Richemont production moved to Switzerland. Panerai opened a manufacture in Neuchâtel in 2002 and in 2005 presented its first in-house movement, the P.2002, with a GMT function and an eight-day power reserve. A larger manufacture in the hills outside Neuchâtel officially opened in 2014, and today's movements are also produced by Richemont's Manufacture Horlogère ValFleurier. In 2019 the Submersible dive watches became a stand-alone collection alongside the Luminor and Radiomir.

Founders

Giovanni Panerai
Founder · 1825–1897
Opened a watch shop on the Ponte alle Grazie in Florence in 1860, which also served as the city's first watchmaking school.
Guido Panerai
Grandson of the founder, head of the firm · 1873–1934
Expanded the Florence business and its mechanical workshop into a supplier of precision instruments for the Royal Italian Navy; the Radiomir luminous compound was patented under his leadership in 1916.

Milestones

  1. 1860

    Watch shop in Florence

    Giovanni Panerai opens a shop on the Ponte alle Grazie that doubles as the city's first watchmaking school.

  2. 1916

    Radiomir patent

    Panerai patents Radiomir, a radium-based luminous compound developed for the Royal Italian Navy.

  3. 1935

    First Radiomir prototype

    The ref. 2533 prototype is commissioned for testing by the navy's underwater units.

  4. 1949

    Luminor trademark

    Panerai registers Luminor for a tritium-based luminous material that replaces radium.

  5. 1956

    Crown-protecting bridge and GPF 2/56

    Panerai patents the bridge that locks the crown and makes the GPF 2/56 for the Egyptian Navy.

  6. 1993

    First civilian collection

    Three limited editions reach the public: Luminor, Luminor Marina and the Mare Nostrum chronograph.

  7. 1997

    Richemont acquisition

    The Vendôme Luxury Group, part of Richemont, acquires Officine Panerai.

  8. 2002

    Neuchâtel manufacture

    Panerai opens a manufacture in Neuchâtel, bringing design and production together in Switzerland.

  9. 2005

    First in-house calibre

    The P.2002 debuts with a GMT function and an eight-day power reserve.

  10. 2019

    Submersible collection

    The Submersible dive watches become a collection in their own right, separate from the Luminor.

Three things collectors know

Rolex built the navy's Panerais

Except for the GPF 2/56, the watches Panerai delivered to the Italian Navy were made by Rolex, with movements such as the Rolex calibre 618 based on Cortébert pocket-watch calibres. Panerai made the luminous dials.

About 1,600 military watches in 35 years

From 1935 to 1970 Panerai delivered around 1,600 watches, including about 1,000 of the ref. 3646. Its 2006 Radiomir 1936 California Dial special edition was limited to 1,936 pieces.

A watch for the Egyptian Navy

In 1956 Panerai made the GPF 2/56 for the Egyptian Navy, nicknamed Egiziano. It is the only historical Panerai navy model that was not made by Rolex.

Signature models

  • Cushion case with wire lugs, descended from the navy prototype ref. 2533 and the ref. 3646.

  • Civilian line from 1993 whose case carries the crown-protecting bridge patented in 1956.

  • Dive watches with rotating bezels, a stand-alone collection since 2019.

  • GPF 2/56 "Egiziano"1956

    Made for the Egyptian Navy; the only historical navy model not produced by Rolex.

Questions

Is Panerai Italian or Swiss?
Both. Panerai was founded in Florence in 1860 and supplied the Italian Navy, but its watches are made in Switzerland, at its manufacture in Neuchâtel, opened in 2002.
Who owns Panerai?
Richemont. The Vendôme Luxury Group, which belonged to Richemont, bought Panerai in 1997.
Does Panerai make its own movements?
Panerai presented its first in-house calibre, the P.2002, in 2005 and now has a range of manufacture calibres. Its watches are made in Neuchâtel, with movements also produced by Manufacture Horlogère ValFleurier, a Richemont company.
How do you pronounce Panerai?
pah-neh-RYE. In Italian the stress falls on the last syllable, which sounds like 'rye'.

Sources

  1. The history of Panerai watches (Panerai)
  2. Panerai – Wikipedia
  3. History (Richemont)
  4. Officine Panerai, branch of Richemont International SA (business-monitor.ch)

Most listed references

All references