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Panerai
Officine Panerai is a luxury Swiss watch manufacturer, and a wholly owned subsidiary of Compagnie Financière Richemont S.A.. Officine Panerai designs, manufactures, markets and sells watches through authorized dealers and company-owned boutiques worldwide. Giovanni Panerai (1825–1897) founded Officine Panerai in Florence, Italy in 1860. Officine Panerai maintains its headquarters in Florence but manufactures watches in Neuchâtel, Switzerland using both movements manufactured in-house and movements manufactured by ETA S.A.
Panerai watches, designed and manufactured by Rolex SA played a role in assisting the frogmen of the Decima Flottiglia MAS in their operations during World War II. Notable products include the Luminor and Radiomir wristwatches.
==History==
Giovanni Panerai (1825–1897) founded Officine Panerai in Florence, Italy in 1860. By 1900, under the leadership of the founder's grandson Guido Panerai (1873–1934), 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 cases designed and manufactured by Rolex SA and movements made by Swiss manufacturer Cortébert.
The Florence-based watchmaker produced wrist worn diving instruments and around 1600 watches (~1000 3646, 24 6152, 36 6154, 500 6152/1, 60 GPF 2/56), 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. This hugely influenced the resurrection of the brand. The brand's rising popularity caught the attention of Richemont, which acquired Officine Panerai in 1997. Following the acquisition, Richemont rebranded Panerai as a luxury watch brand and increased prices accordingly. The core of the watches remain the same. 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.
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