Panerai CEO Angelo Bonati: Production of Military Secrets

When open a new market, brands always need to remember their origin. Panerai is a top brand that appeals to a niche audience, limited production, excellent quality.

In June, Panerai opened a new store in Shanghai IFC, which was also the second store that this Italian top watch brand opened in Shanghai.

The large wall clock in that store shows an unique feature of Panerai watch in a large proportion - Sandwich Dial structure. The so-called Sandwich Dial structure referred that the middle layer that is coated with Super LumiNova luminescence is sandwiched between two identical layers (Super LumiNova is also used on hands and hour markers), this design is to ensure the markers'clearly visible in the absence of light environment.
Founded in Florence in 1860, Panerai originally supplied precise timing devices to Italian Navy, in particular designed products to meet the need of the submarine diving corps. The research projects at that time included Radiomir and Luminor watches, which has long been regarded as military secrets, until 1997, Panerai was acquired by Richemont, these watches were able to be launched in the international market. Today, Panerai is the only Italian manufacturer, it opened watch-making factory in Neuchatel in Switzerland, to research and manufacture watches and movements. Panerai global CEO Angelo Bonati accepted the newspaper's interview in the occasion of his trip to Shanghai.

21st Century: to you, what production process that was respectful of tradition is still in use? Normally how long to produce a self-movement?

Bonati: Panerai has been devoted to developing self-movement since 2002, the first self-movement P.2002 debuted at BaselWorld in 2005. Development of a self-movement usually takes 3-4 years to build, which is much shorter when compared with other watch factories. It is worth mentioning that our brand-new P.999 manual winding movement adopts Swan Neck Regulator, which is a very classic and traditional watch-making process.

21st Century: Almost every Chinese can say the name of several Swiss watch brands, we also try to calculate how much slaes contribution was made by our customers. Do you agree that the Asian market is the Noah's Ark that saved those luxury brands from difficult situation?

Bonati: You're right - the Asian market, especially China, is an important market for future development of the luxury brands. However, when open a new market, the brands need to always remember their roots. Panerai is a high-end brand that appeals to a niche audience, limited production, excellent quality. Brand image in China and Italy is completely consistent.

21st Century: Swatch Group plans to stop the supply of key parts to the opponent. Do you think Swiss watch brands are too dependent on Swatch Group? As a member of the Richemont Group, how to adhere to your independent production? What the advantages of Panerai that are different from other luxury watch brands?

Bonati: Panerai started to design self-movement 8 years ago, now there are almost 10. I do not know the status of other brands, but Panerai has made great effort to be independent, each year we put money into the work of R & D, most of the money is used to develop new movements and new material, and this is the main line of Panerai's propaganda. The origin of Panerai is very unique, this uniqueness is shown in its watch designs (created for Italian Navy, large dial) and the limited production model.

21st Century: Have you ever seen some impressive books about China? This trip, how you feel in Shanghai?

Bonati: Recently I read the Chinese novel "Water Margin ", is really fascinating. The trip in Shanghai is interesting and my interest in China is growing day by day. Expo being held now is brilliant, Shanghai offers a great development platform for luxury brands.