As Panerai continues to solidify its identity in the luxury watch industry, Jean-Marc Pontroué, the brand's CEO, is driving its expansion with a precise focus on heritage, innovation, and the art of Italian design meshed with Swiss engineering. Known for their high-performance timepieces, Panerai has built partnerships that test the limits of its watches, such as its collaboration with the Luna Rossa Prada Pirelli team—a team that, despite a mighty battle against longtime rivals INEOS Brittania, fell to a final round defeat just mere hours before I crossed paths with Pontroué in Mumbai. 

In response to a cheeky jab at his partner-team’s fate, Pontroué comments with a wry smile. “Last time, we lost against the Challenger in Auckland. This time, we’re losing in the final.” He acknowledges the stakes, yet he’s unfazed by the results. “Either you’re desperate because you’re not the winner, or you see it as a long-term story,” he notes. For Pontroué, the value lies in the years of development, the ongoing field tests, and the shared journey toward technical excellence. 

This mindset, among other things, reflects Panerai’s 2024 achievements, where an obsessive push for technical development meets a commitment to storytelling. Leading the lineup are two bold releases: the Submersible Elux LAB-ID and the Submersible Tourbillon GMT Luna Rossa Experience. The LAB-ID, with its robust 49mm Blue Ti-Ceramitech case and microgenerator-powered LED illumination, shows Panerai’s dedication to innovation, while the Luna Rossa Experience edition offers collectors exclusive access to the America’s Cup finals alongside the Luna Rossa team. With these ambitious projects, Pontroué and his team not only showcase feats of craftsmanship but demonstrate an understanding of the storytelling that makes a watch truly compelling investing in the resources and vision to bring those narratives to life, even if it takes multiple years and a blank cheque. 

A handful of months after its launch, I find myself glancing at the formidable LAB-ID model on Pontroué’s wrist, as the Richemont veteran eased into a weekend of networking with India’s timekeeping world on the cusp of a new store launch in Bengaluru. Pontroué elaborated on Panerai’s distinct approach, explaining the brand's growth trajectory, its relationship with smartwatches as a complement to traditional luxury, and a dedication to craftsmanship that appeals to collectors and adventurers alike. Excerpts: 

You've been a repeat visitor to India ever since you joined Panerai back in 2018. How does it feel to be back here? 

India is one of those countries where, when you come back, you don’t necessarily recognise everything from your last trip because the changes are so quick. The first time, I visited this shopping mall with [our Country Manager] Mohit—we even had to wear helmets because it was still under construction. Now, you can see that more than half of the complex is already open. It’s an impressive step for Mumbai, considering the scale of this new mall compared to what existed before. 

We all know India is undergoing major transformations in infrastructure, equipment, facilities, you name it. So, it’s always a pleasure to be back, in addition to experiencing the culture and everything else. My only problem is that I keep going to the same areas each time. It’s taken me ten years to get outside of the two main cities! *laughs* 

I would stay in the same areas in all the different countries I used to travel to. Then, suddenly, you think, “Why don’t we see other cities?” because that’s where things are happening too. It's like tourists who come to Paris thinking they know France, but I encourage them to go beyond just Paris. 

Back then, you told us that establishing visibility in India was very important and that ‘waiting even 20 years would make it 20 times harder’. What are your thoughts on this today?  

I could repeat the same thing because if you don’t take your position now, the country grows so fast that starting too late will make it very challenging to reach critical mass. 

For new markets like this, it’s about achieving a critical size to be visible. In the U.S., for example, we were one of the first brands to establish a strong presence, and today, the US is our number one market globally. However, some markets where we entered later are still recovering from the time lost during COVID-19, which cost us significantly in terms of market share. 

So, it’s better to take our time and not assume that India will be our number one market within six months but to build our presence step-by-step in key cities across India. Whether that means five cities or ten, the team can answer. But I am very much in favour of saying, “We need to be in India now,” and not just in Mumbai and Delhi but in other critical cities. 

We’ve heard that Panerai will open its next boutique in Bengaluru. Tell us more about your expansion plans for India? 

The boutique opens in about three weeks. It’s 65 square meters, located in a new-generation mall that reflects the evolution of retail spaces in India. Future expansions depend on how long we wait for 10, 20, or 30 malls of this kind to appear in key cities across India. 

Panerai has longstanding partnerships, many of which are with companies that have been with us for years. Most of these partners, like Ethos and Kapoor Watch Co. have nationwide visibility and competence. The biggest challenge here, as in other markets, is finding skilled personnel, especially in major cities. In India, one of our partners’ critical challenges is this shortage of qualified people. 

It’s across the board; sales, marketing, store personnel—all needing knowledge, competence, hospitality skills. This shortage of talent is a challenge, similar to what we see in Dubai. In fact, for Indian customers who often buy Panerai, the two biggest competitors aren’t other Indian cities: they’re Dubai and Singapore. 

The LAB-ID is one of 2024’s crowning achievements for Panerai. Can you share any insights about its development? 

When I joined Panerai in 2018, I already saw early concepts for the LAB-ID, which began about two years prior. The project was created by a team with no budget or time constraints, so it could take anywhere from six months to eight years. Its innovations include four patents—for materials, the locking system, and the luminescent concept for the bezel and hands. We chose to launch it post-Watches & Wonders, with the America’s Cup as a focal point for our communications. 

Beyond the Radiomir and Luminor models, I noticed that Panerai doesn’t offer many options in the sub-$6,000 segment. Is that something you might change? 

No. Instead, we’ll strengthen our assortment at that price point rather than reduce prices. Lowering costs would require moving production outside Switzerland, which we don’t want. Our case designs, movements, and components are all premium. So, while we’ll add more options in the $5,000 to $6,000 range, we won’t lower the price itself. 

Speaking of trends, there’s been a shift towards smaller watch sizes—the Luminor Due is one example. How do you view this trend, and where do you see it heading? 

Panerai had already introduced 38mm and 42mm sizes before I joined, and we continue offering these. However, our best-sellers remain in the 44mm category because Panerai is known for larger, masculine profiles, which we intend to keep. That doesn’t mean we won’t have creativity in other sizes, like 38mm or 40mm. 

As a watchmaking CEO, are there any other trends you think watch enthusiasts might not have noticed? What do you see coming in 2025? 

Panerai isn’t particularly focused on following trends. When we entered the market in 1997, the trend was for smaller watches, yet we introduced a 44mm concept. Panerai is about making a statement, not following trends. So, we won’t enter areas that aren’t true to Panerai, like quartz or jewellery.