Watches under the brand name Raketa have been manufactured since 1962 at the Petrovorets Watch Factory in Leningrad (St Petersburg today). The factory is the oldest in Russia. It was founded by Peter the Great in 1721 as the Peterhof Lapidary Works. Raketa watches were produced for both Military and civilian use. The Raketa factory ceased production in the early 1990s following the collapse of the USSR. Today, the factory building is occupied by numerous commercial and retail business. A new company using the Raketa brand has recently been revived.