Founded in Florence in 1860 as a workshop, shop and school of watch-making, for many decades Panerai supplied the Italian Navy in general, and its specialist diving corps in particular with precision instruments. The designs developed by Panerai in that time, including the Luminor and the Radiomir, were covered by the Military Secrets Act for many years and were launched on the international market only after the brand was acquired by the Richemont Group in 1997. Today Panerai develops and creates its movements and watches at its Neuchâtel manufacture. Its watches are a seamless melding of Italian design flair and history with Swiss horological expertise. Panerai watches are sold all over the world through an exclusive network of distributors and Panerai boutiques.