Panerai relies on luxury demand to cushion sales

Italian luxury watch manufacturer Panerai is taking the road less traveled to boost growth in China, one of its most important markets, a top company official said on Thursday.

The company has built an 800-square-meter underwater abyss along the Huangpu River to showcase its extensive collection of luxury watches, making it the biggest expo of its kind in recent times.

It took the company nearly four days to create the underwater abyss, said Panerai CEO Jean-Marc Pontroue. Though it will remain for just two days, he said he believed that it represents what they are really in China for. The hostile marine environment, replete with sharks and shipwrecks, that is on display, showcases Panerai's identity as a disruptive and masculine brand, he said.