Officine Panerai is one of those brands that is little known by the general public but has achieved cult status among aficionados. 

The company Guido Panerai & Figlio was founded in 1860 in Florence, a workshop making precision mechanical instruments. 

The brand became the official watchmaker of the Italian Navy, providing them with highly specialised military timepieces. In 1935, Panerai was commissioned by the Italian Navy to construct watches for use underwater. In 1936, the company, renamed 'Officine Panerai', introduced a prototype diver’s watch, the 'Radiomir', exclusively for a secret torpedo commando group. The company delivered its first diving watches for general navy use in 1938. These were fitted with Rolex movements, crowns and casebacks.
In 1943, the house designed a two-counter water-resistant chronograph called the 'Mare Nostrum'.

Officine Panerai progressively improved its designs, with increased luminosity of numerals and hands, and the now famous crown-locking device. The radioactive radium, which gave such legibility to the Radiomir models, was replaced with the less toxic compound "Luminor". After the Second World War, in which, as Peter puts it, “the Italians came second,” Officine Panerai went out of business. However, in 1993 Officine Panerai started making its famous Luminor again, as well as the Mare Nostrum chronograph. Made in very limited numbers, these were targeted at the collector. 

In 1997 Officine Panerai was acquired by the Vendôme group, which owns several other important watch brands. In a clever marketing move, a few "unique editions" were produced each year, with an intriguing movement or case design. The Luminor is packaged in a wooden box, like the one that that holds a ship’s chronometer. But it is not simply packaging that makes this watch special. Guaranteed to 300 meters, the watches are actually tested to resist a pressure of 40 atmospheres, which is one-third greater and equivalent to a depth of 400 meters.

Panerai watches are still manufactured to high standards by specialist craftsmen, perform perfectly in demanding situations and can withstand extreme conditions. It is on these qualities that their association with adventures and great achievements is based. “Panerai watches have a unique personality,” says Peter, “but they meet the highest standards of quality, typical of military equipment.” Their main requirement is reliability and the strict manufacturing standards are unmatched in the watchmaking industry among watches intended for general use. 

The design of Panerai watches is unmistakable. They are large, with simple, luminous dial markings, which was dictated by the need for instant legibility in poor light underwater. “So the watches have an aesthetic personality as strong as their technical and mechanical characteristics, making them great watches from every point of view,” points out Peter. 

Collectors are grabbing vintage models, "pre-Vendôme", as well as new watches. The Luminor has achieved the almost unachievable – it is taking big chunks out of the market for the Rolex Submariner. As well as being a little less expensive, it is seen as far more exciting and stylish. As Peter says, “The Italians may not have been brilliant fighters, but they are the most style-conscious nation in the world and are certainly the most watch-obsessed.” In Italy the average adult owns five wristwatches and at least four glossy magazines are dedicated to the newest models and latest trends. This has provided the perfect soil in which the Officine Panerai passion has grown.