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One thing to remember is that Panerai has strict controls over ADs placing any advertising on a local level.
This means no billboards or newspaper print ads to attract potential customers. Everything is national print ads or word of mouth on the street or through forums.
As a matter of fact, I visited a store that sells Panerai and I had no idea they were an AD for a few years prior.
Imagine not being able to advertise your product to a local audience. Now, compare that to Rolex that practically requires the same store to have several highway billboards. This is a huge sales advantage.
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