From 1860 to 1980 if you were a member of the Royal Italian Navy you wore a Panerai and in 1998 it became available to the public. These instruments were used as depth gauges, hence their size for legibility under water. Today there is no watch as bold, as iconic and in your face that can be worn everyday like a Panerai. The very first Panerais were known as Radiomir which was a substance that was used to luminate the dial so it would be seen at night by the famous Italian Military divers who would dive at all hours. This case was 45 mm and designed by Rolex for Panerai. Panerai till today has documentation stating the partnership at that time between the two companies. Rolex not only made the Radiomir cases, the original Radiomirs were first produced with original Rolex Ligne Movements which today are virtually untouchable and command up to $100,000 for the original ones.
Not to late after the Radiomir Panerai was called upon to make something heartier bolder and more stable that could survive impact and shock and did this with the release of their Luminor case which was very distinct from its predecessor in that it had a patented crown device at the side of the case which locked and protected the crown from getting damaged and served as an anti shock device and when pushed in sealed and made the watch water resistant to a certain depth. This watch was also different in that is had a numeral 9 and a sub second hand at the 9 o’clock position making it very bold and legible. This company was purchased by the Richmont group in 1998 for only one million dollars and today is worth hundreds of millions of dollars.
I wish I had a million dollars in 1998 to buy Panerai, what an amazing investment.
The Company is headed up by Mr Angelo Bonati who is the CEO worldwide, and is the genus master mind behind the success of the brand. He has stuck to his gut and made history and influenced so many other brands to make watches with much larger cases which seemed impossible due the conservative nature of the watch industry in the past. Almost two years ago Panerai unleashed there in house caliber movements which have been very well received and have legitimized Panerai as not only an innovator of large case watches and throwbacks to nostalgia as well as a true watch manufacturer.
The most amazing accomplishment of Panerai is that they have never paid anyone to wear their brand. Sylvester Stallone has become a friend of the brand. Before the brand was bought by Richmont Mr Stallone was in Florence and he stumbled across the first Panerai Boutique and was so impressed and intrigued by the brand that he purchased 300 watches as gifts to give to his friends and because of this Panerai has benefited greatly from the amazing exposure and press that surrounded it. Panerai’s way of saying thank you was making a watch called a sly tech which has become a cult favorite. There have been many to follow the lead of Sylvester Stallone, including Hugh Grant, Russell Crow, Orlando Bloom and The Rock to name a few, although Sly was the only one of these actors to have a watch named after him.
Around the same time as Panerai introduced their own in house movements they also were in collaboration with Ferrari to make a watch for them. The results in the beginning were extremely hot. This was very smart on Panerai’s part because they attracted an audience they may have not had before with Ferrari Enthusiasts. Using a case that they once had back in the day inspired by early Radiomir designs,Panerai was able to show the similarities between these incredible Italian machines in true passion and engineering. There was no mention of Panerai anywhere on the watch except for the deployment clasp which says engineered by Panerai. A very bold move on Panerai’s part because they wanted to make it clear that it was Ferrari’s watch made by Panerai. A good thing they did because this line is now being offered to retailers as a Carrot to those dealers who don’t have Panerai and want it have to first take this Ferrari line. Needless to say Ferrari even though interesting and limited not the best thing to come out of Panerai’s arsenal but quite an interesting way of using leverage to get new retailers to move Ferrari and acquire Panerai.
Finally, I will say that if your looking for a versatile watch with some serious inspiration, unique, historic masculinity thats in your face, you must buy yourself a Panerai because you will insure yourself not just a cool watch but an amazing investment with future!
pic courtesy of http://www.panerai.com