Interviews

Exclusive interview with Mr. Angelo Bonati, CEO of Panerai

Panerai the pioneer

Panerai is as old as watch-making history. In the other words, Panerai is the pioneer in luxury watch-making. Since it was founded, Panerai never intended to be just another watchmaker but a brand for the elite of the elitist. It’s reflected in the fact that most watches are produced in a limited run and carry an issue number on the case back. In order to be closer to the ever-growing list of ultra high net worth individuals, Panerai is concentrating on boutiques and also expanding and upgrading its distribution, Angelo Bonati, CEO of Panerai, reveals to Arabian Watches and Jewellery (AWJ) Magazine in an exclusive interview. Panerai now makes watches with emotions, says Bonati. Excerpts from the interview:

Panerai witnessed big changes since it was established, especially when it became part of Richemont group. How did it all begin?

At the beginning Panerai was not a brand but a customized watch with no branding. The first watch was made in 1940 and did not have the name Panerai, and was not sold to the public. The brand Panerai came out only after Richemont acquired the company, and we started with one watch design and took it from there to build up a renowned brand.

What is the position of Panerai? Where does it stand today?

It depends on the market. As an exclusive brand for the niche market, we are very attentive about the product, design, history and the place we come from – Florence the city of art. These distinctions make up the DNA of the brand and make us so unique. In fact our traditions come out from the ideas.

Can you tell us about the relation between the unbranded watch made for the Italian navy and Panerai watches nowadays?

It is the production. The watch in those days was made as a tool for the Italian commandos. It was an instrument able to measure time away from emotions. Today things have changed and Panerai makes watches for pleasure; we make watches with emotions to satisfy our clients.

Then what’s the DNA?

So when we talk about the DNA of the watch, we refer to the history. We stress on the quality because it’s fact that Panerai is a military watch – means a good reliable watch. We should be up-to-date to give something modern and satisfactory to our clients.

Panerai sponsored several boat and yacht exhibitions particularly in Dubai and Jeddah. Can you please describe Panerai’s association with the marine time world?

Our roof in Panerai is the sea, we came from there. Panerai created the first military water-resistant watch. We still use the same parameter. Our watches are still tested for water-resistance up to 300-400 metres in depth, compelling us to work with the best and right quality.

What is Panerai’s strategy for the Middle East?

Our strategy is the same all around the world. Basically we want to upgrade our distribution by concentrating on boutiques. A boutique gives a brand a stronger image, an independent character and personality and professionalism. Boutiques help customers and people to know better about the brand and have a better time to ponder the product. We think that this opportunity is not available in a multiband store. We are selling expensive watches and have to show and express our passion to the clients as well as our knowledge that satisfy them and make them come back.

Panerai has a distinctly an Italian image, how does that fit into the culture of Richemont – your parent company with a Swiss flavour?

It is difficult sometimes to explain the relation, after all we are an international brand and always try to explain the reality of the brand.

On the development of Panerai movements, have you reached a self-satisfactory stage or still outsource for movements?

Let us start from the fact that every movement that a client looking for something original and satisfactory, we produce movements ourselves to offer exclusivity. Our movements are part of our DNA, and there is no other way to do it.

Watch industry witnessed two hard years. Did Panerai readjust prices due to crisis?

We did not think of that when established our strategy, market niche or about competitors. Important was to offer clients something which they can only expect from Panerai. We are not a brand that uses quantity in the market to build up the value. What is important is to keep up with what we promised and it’s up to the client to evaluate.

Panerai was also associated top high-end car brands and manufactured watch line dedicated to the car. How did Panerai benefit from the association?

At that time we thought that association between Ferrari and Panerai was strong, but after three years we discovered that it was not the case. It was confusing the client, so we ended it.

Do you foresee any new association?

No, not from the experience we earned. We should focus on one objective – taking brand to new heights.

What is your take on the industry trends in movement development?

Let me give you an example, Panerai gives one of the most complicated movements which have been appreciated and recognized by the industry. There is a tourbillion in one of our watches but without showing it. It’s on the back side of the watch. Our mission is not to become a brand that develops complicated watches, although we do few watches to our collectors. Our basic strategy is not flowing with the trend but we stress on manufacturing one movement to give an 8-day power reserve, to give something that is not expected from other brands.

Panerai has a big fan club. How do you promote and maintain this culture?

By keeping the right distance with them, we don’t want to pollute the independent atmosphere. If we want to do something it would be under their request.

What did the Middle East give Panerai in the last few years, what are your strategies in the region?

Our goal is to become one of the top-most brands in the world. As I have mentioned we are also upgrading our distribution.

Market News

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French Watch and Jewellery Market posts sales increase in Q1 2011

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Company News

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Glashutte Original MusicFestivalAward 2011

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Longines Future Tennis Tournament

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Diane Kruger wear Jeager Le Coultre Watch

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Lewis Hamilton and Nicole Scherzinger wearing TAG Heuer timepieces

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Product Launch

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Exhibitions & Events

TAG Heuer conducts Private lunch with selective media

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India International Jewellery Week 2011

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