Panerai was founded in 1860 in Florence by Giovanni Panerai and became the official supplier to the Royal Italian Navy by expandeing to building precision instruments. The company is famous for its Radiomir and Luminor watches, notable for their use by Italian Commando Frogmen, who relied upon their Panerai wristwatches to execute the sinking of naval vessels in WWII.
When the contract between Girard-Perregaux and Ferrari expired in 2006, a new partnership was signed with Panerai to develop, manufacture and distribute watches under the Ferrari trademark, making them the official timekeeper of Ferrari. A New York representative for the watch company has called Panerai the official timekeeper to Ferrari. These special edition wristwatches are divided into two collections: Granturismo and Scuderia, with several models and designs under each category.