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  Panerai was founded in 1860 in Florence by Giovanni Panerai (1825–1897). It later became the official supplier of the Royal Italian Navy and expanded to building precision instruments. The company is famous for its Radiomir and Luminor Panerai Watches, notable for their use by Italian commando frogmen, who relied upon their Panerai wristwatches to execute the sinking of Allied naval vessels in WWII.
By the 1930s the workshops were making a range of wrist-worn instruments for frogmen; compasses, depth gauges and the like.
In 1993 Officine Panerai started to reproduce the Luminor, and the Mare Nostrum chronograph, basically targetted at the collector's market. These were produced only in very limited numbers.
In 1997 Officine Panerai were acquired by the Vendôme group. Under the new bosses basically the same models were produced, still in small numbers. However in a clever marketing move, a few "unique editions" were produced each year, with an intriguing movement or case design.
Collectors are snapping up vintage models and "pre - Vendôme", and Panerai have just launched their most exciting range of production watches and unique editions yet. It will be intriguing to see what happens in the next few years, but with a steady hand on the helm Panerai might well become one of the most collectable brands around, whilst still not being seen on every street corner.
Panerai's success with large watches has also led other companies to introduce larger Panerai Watches, including Audemars Piguet, IWC, Swatch, and even Rolex.
Panerai issue many watches as either limited or special editions producing fewer watches than the market demands. Retailers may only receive a few limited edition pieces each per year and long waiting lists for popular models are not uncommon.