VS Factory Panerai replica watch review: A nautical masterpiece?

Introduction​

As an avid watch enthusiast and collector of both genuine and high-quality replica timepieces, I recently had the opportunity to acquire the VS Factory's latest offering - the Panerai Submersible 44mm Luna Rossa PAM01681 replica. This particular model pays homage to Panerai's partnership with the Luna Rossa Prada Pirelli sailing team during the 37th America's Cup, and limited to just 137 pieces in the genuine version. Having handled the authentic piece before, I was curious to see how VS Factory's interpretation would measure up. After several weeks of wearing and testing, here's my comprehensive review.

First Impressions & Packaging​

The watch arrived in a surprisingly high-quality packaging that closely resembles Panerai's official presentation. While I won't dwell too much on the box (as most replica collectors care more about the watch itself), it's worth noting that VS Factory has paid attention to these details to enhance the unboxing experience.
Upon first inspection, the watch immediately impresses with its substantial yet balanced presence on the wrist. The 44mm case diameter is classic Panerai territory, and the weight distribution feels appropriate - not too heavy but with enough heft to remind you it's there.

Case & Construction​

The case is crafted from brushed 316L stainless steel, mirroring the genuine PAM01681's construction. VS Factory has done an excellent job replicating the alternating brushed and polished surfaces that give the watch its distinctive look. The black polished ceramic unidirectional rotating bezel is particularly well-executed, with crisp markings and excellent resistance to scratches.
One area where replica Watch often falter is the crown guard mechanism, but VS Factory has nailed it here. The lever action is smooth yet firm, and the rubber-treated crown provides excellent grip - a feature specifically designed for sailing conditions in the genuine model.

Dial & Legibility​

The silver sunburst dial is where this replica truly shines. VS Factory has perfectly replicated the wave-like effect that mimics the shimmering surface of the ocean. The "Luna Rossa" text is crisp and properly positioned, and the small seconds sub-dial at 9 o'clock features the concentric circle engraving that's a hallmark of the genuine piece.
Lume application is another strong point. The Super-LumiNova® coating on hands, hour markers, and the bezel pip glows brightly and lasts through the night, just like the authentic watch. The color differentiation between the main hands (green) and other markers (blue) is accurately reproduced.

Movement & Performance​

At the heart of this replica Watch beats VS Factory's in-house P.900 clone movement. This is where VS Factory has made significant strides in recent years. The movement features:

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• True bidirectional rotor winding
  
• 72-hour power reserve (close to genuine's 3 days)
  
• Hacking seconds function
  
• Correct hand-winding feel and direction
  

Timekeeping has been impressive during my testing, averaging about +5 seconds per day, which is well within acceptable limits for a mechanical watch at any price point. The movement decoration, while not identical to the genuine P.900, is tastefully done and looks convincing through the exhibition caseback (note: the genuine PAM01681 has a solid caseback with engraved AC75 sailboat, which VS has replicated well).

Strap & Wearability​

The watch comes with two straps - a gray fabric/rubber hybrid with red accents (matching the Luna Rossa team colors) and a black rubber strap. Both are high quality with accurate stitching and markings. The quick-release system works smoothly, allowing for easy strap changes.
On the wrist, the 44mm case wears comfortably thanks to reasonable lug-to-lug distance and the supple rubber strap. It's not the most discreet watch, but that's not what Panerai is about anyway. The watch has presence without being obnoxiously large.

Comparison with Genuine​

Having handled the genuine PAM01681, here's how the VS Factory version stacks up:

1. 
   
2. Case: 95% accurate. The brushing might be slightly less refined under macro, but indistinguishable in normal use.
   
3. Dial: 98% match. The sunburst effect is nearly identical.
   
4. Bezel: 90% match. The ceramic finish is excellent, but the click action isn't quite as precise.
   
5. Movement: 85% match. Functions the same but decoration differs (though hidden by solid caseback).
   
6. Straps: 90% match. Quality is very close to genuine.
   

Pros & Cons​

Pros:

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• Exceptional dial replication
  
• High-quality case construction
  
• Reliable and accurate movement
  
• Good lume performance
  
• Comes with two high-quality straps
  
• Attention to small details (correct fonts, positioning)
  

Cons:

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• Bezel action not quite as precise as genuine
  
• Caseback engraving slightly less deep than original
  
• Strap buckle finish not quite as refined
  

Final Verdict​

The VS Factory Panerai PAM01681 is one of the best replicas I've encountered in recent years. It captures the spirit and most of the substance of the genuine article at a fraction of the price. While not perfect (no replica is), it comes remarkably close and would fool all but the most trained eyes under normal circumstances.
For collectors who appreciate the Luna Rossa/America's Cup connection but can't justify the genuine's price and limited availability, this VS Factory offering is an excellent alternative. It's a watch you can wear with confidence, knowing it looks and performs the part beautifully.
Rating: 9.5/10

Would I recommend it? Absolutely - it's a nautical-inspired masterpiece that honors Panerai's sailing heritage while offering tremendous value as a replica.