The predecessor of today's Panerai was a watch shop founded in Florence, Italy by Giovanni Panerai in 1860. At the time, the company independently developed high-precision chronograph pocket watches and precision instruments and supplied them to the Italian Navy. In particular, "Radiomir" in 1916 and "Luminor" in 1949 were both adopted as the names of the company's diver's watches. In 1997, the company joined the Vendôme Group (now the Richemont Group) and made its SIHH debut the following year. In 2002, the company established its own workshop in Neuchâtel, Switzerland. In 2005, it released its first in-house movement, the P.2002 series, and has since become known as a manufacturer that develops numerous in-house movements.