New York, April 7, 2011 – Italian high-end watch-making brand Officine Panerai announces the appointment of Rafael Alvarez as President, Panerai North America.

Mr. Alvarez joins Panerai North America from his role as Regional Brand Manager for the brand based in Spain and Portugal, a post he has held since 2004. Previously, Mr. Alvarez held other positions in Richemont brands including Product Manager for Cartier and Dunhill and later Brand Manager for Dunhill Spain, Andorra and Gibraltar.

As President for Panerai North America, Mr. Alvarez will oversee sales, marketing and public relations efforts for the entire region, ensuring a strategic approach with a focus on furthering the prestigious brand’s profitability and visibility within the luxury industry.

“We are pleased to welcome Mr. Alvarez to the Panerai North America team,” said Angelo Bonati, CEO of Officine Panerai “He brings with him an extreme familiarity with the brand’s identity thanks to his experience building the brand in Spain and Portugal. His success in those markets will no doubt be essential in furthering the development of Panerai North America and the brand’s success worldwide.”

Current Panerai North America President Alexandra Zoller will be taking on the newly created role of Officine Panerai International Retail Director.