FLORENCE — Waiting a week or two for a pair of Prada’s latest sky-high pumps certainly doesn’t put off a die-hard fashionista, but a five-year waiting list for a watch was unexpected for the executives at Officine Panerai, the Florentine watch company known for its oversized watches and high-precision movements.

Fueled by this recent increased demand, Officine Panerai, owned by Compagnie Financiere Richemont AG since 1997, has a number of new growth initiatives underway, including the opening of its first modern store in Florence. Panerai is also beefing up its technology, expanding its distribution, and adding the finishing touches to a five-story palazzo in Neuchatel, Switzerland, that will house the research and technology division, as well as its sales offices.

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