Founded in Florence in 1860 as a watchmaking laboratory, shop and school, for many decades Panerai supplied precision instruments to the specialized underwater corps of the Italian Navy. Originally created to be used deep underwater, Panerai watches are known for their unmatched legibility and brightness in the dark. In 1997 the brand was acquired by the Richemont Group and launched on the international market. Today Panerai develops and manufactures its movements and watches in its Neuchâtel manufacture, combining the charm of Italian design and history with Swiss watchmaking expertise.