Panerai was founded in 1860 by Giovanni Panerai in Florence, Italy, as a watch shop, workshop, and school. The brand became known for supplying precision instruments—especially dive watches—to the Royal Italian Navy in the 1930s and 1940s.

Though Italian in origin, Panerai’s watches have been Swiss-made since the brand’s relaunch in the 1990s. Today, Officine Panerai is headquartered in Geneva, Switzerland, with its manufacturing located in Neuchâtel, and is owned by the Richemont Group.