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Growing expectations for Panerai
Another industry leader in in-house movements is Panerai. Says Panerai President and CEO Angelo Bonati, “We started our in-house movement development when there was no trouble getting movements, it was a strategic mission for the brand. Panerai has to be exclusive and be very authentic, and you cannot be authentic in the high-end segment if you don’t build movements with your own characteristics. That’s what I wanted and that’s what we are achieving.
“When we announced what we were doing, the clients initially were a little suspicious, because it was new and something Panerai had not done before. Now the customers appreciate what we are doing and, more importantly, they are buying the watches.”
Panerai currently uses three movements from ETA, while using six in-house Panerai calibres. Bonati says that they will continue to buy ETA movements for the entry level range, but there is a strong and growing customer base that now expects in-house movements in the watches they buy.
“There are some risks to in-house movements, because you are an entrepreneur and you have to invest,” Bonati admits. “If you don’t risk, however, you don’t have any return. We want to increase the value of the brand and, in my opinion, Panerai is more complete than before. It’s not easy to do this, because we have to continue to invest and we have to continue to always have new ideas, but for Panerai, it was necessary - we have added value.