By TLex I came across the Franchi Menotti watch brand in a Japanese military watch publication last year. The Milan based Italian watch company was first established in 1974, when (from what I read) they had supplied some watches for use by the Italian Military. However I think they're probably one those types of fashion watch brands that are only surviving in the Japanese online watch market and of course on eBay, where they have a number of models listed; I doubt you'll come across one anywhere else, though, certainly not on the wrist of an Italian Naval diver.
Here's where things get a little fruity (for want of a better word, I'm trying trying to keep a straight face here), they have two collections, the Bananas collection with its banana shaped cases and the Oceano collection with its military inspiration taken from the brands early days. The watches, which measure 44mm x 13.5mm certainly have the typical rounded mil-type cases and the lugs are reminiscent of a vintage mil-diver, but they don't look particularly serious and going from the images on the Franchi Menotti site and from those of their various online vendors they could be best describe as cheap looking.
Featured here is the Oceano with a black I.P. treated Stainless Steel case. The watch has water-resistance of 200m and as all Oceano models (with the exception of an LE with a Swiss 7750) houses a Japanese made Miyota 8215 automatic movement. Other features include a date function and a sapphire crystal. The Oceano watches also come in a number of carbon-fiber dial color variations. Typical prices online are around 499USD.