Panerai was founded in 1860 in Florence by Giovanni Panerai (1825-1897). It later became the official supplier to the Royal Italian Navy and expanded 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 Allied naval vessels in WWII. Today, Panerai issues many watches as either limited or special editions producing fewer watches than the market demands.