Panerai was founded in 1860 in Florence as a dealer of Swiss watches. Throughout the 20th century, Panerai became the official supplier to the Italian Navy, focusing on diving watches visible in the underwater environment. Panerai were early adopters of luminous mass for readability.

Today, Panerai is a brand with some of the world's most devoted followers, the "Paneristi", and the characteristic aesthetics of the watches make this easy to understand.