Founded In 1860 by Giovanni Panerai in the city of Florence. The Headquarters of Officine Panerai is in Florence, but the manufacturing of the watches is taken place in Switzerland. The Royal Italian Navy depended on Officine Panerai for watches and precision instruments. Officine Panerai is mainly recognized for their Luminor and Radiomir collections. Panerai signed a contract with Ferrari in 2005 to design and manufacture watches displaying the Ferrari logo. The Granturismo and the Scuderia were the two collections that were introduced as a previous collaboration between Ferrari and Panerai. Panerai produces watches that are limited edition so there are a less amount of watches but there still is a high demand for these watches. These limited edition watches are produced every year and they have a specific number in the case back, but these timepieces are cult following and only the true Officine Panerai fans, Paneristas, would know about the limited edition timepieces.