The luxury watch market is rebounding, but Richemont’s Panerai brand is struggling to regain momentum. Despite the overall market’s strong recovery, Panerai has seen subdued secondary-market prices and trading activity. The Italian-born Swiss watchmaker, long associated with oversized cases and its military-inspired heritage, faces challenges as consumer preferences evolve.
Panerai has recorded the weakest volume performance among Richemont’s major watch brands, according to Subdial data. Trading activity for Panerai watches remains near 2024 levels, while brands like Cartier and Vacheron Constantin have benefited from rising buyer interest. This contrast is particularly striking as the broader pre-owned market experiences its strongest recovery in years.
The Bloomberg Subdial Watch Index indicates the market is experiencing its strongest gains since 2022, with EveryWatch data showing a sharp rebound in watch sales. The value of watches sold in the first half of the year rose more than 37% to $10.5 billion. However, Panerai has moved in the opposite direction, with average prices approximately 8% lower in April 2026 than in January 2024, highlighting its struggle to keep pace with market trends.
In contrast, other Richemont brands have delivered stronger results, with Piaget’s secondary-market prices climbing over 30% and Jaeger-LeCoultre gaining around 24%. Vacheron Constantin also saw an approximate 13% increase, while Cartier and IWC recorded gains. This weakness shows a potential mismatch between Panerai’s traditional identity and changing luxury-watch preferences.
Panerai became synonymous with large, distinctive watches, with models such as the Luminor and Radiomir helping establish oversized timepieces as a major trend during the luxury-watch boom of the late 1990s and 2000s. However, consumer tastes have since shifted towards smaller case sizes, refined designs, and watches with stronger jewelry appeal. This shift makes Panerai’s large-format aesthetic less aligned with current market demands, posing a challenge for the brand to reinvent itself without losing its iconic identity.
