Italy, historical accounts of panettone invariably state that it originated in Milan. The word panettone derives from Panetto, a small loaf bread. The augmentative suffix -one changes the meaning to "large bread".
The beginnings of this cake appear to date from the Roman Empire, when ancient Romans sweetened a type of leavened cake with honey.
It is usually prepared and enjoyed for Christmas and New Year in Western, Southern, and Southeastern Europe as well as in South America, Eritrea, Australia, the United States and Canada.
It has a cupola shape, which extends from a cylindrical base and is usually about 12–15 cm (4.7–5.9 in) high for a panettone weighing 1 kg (2.2 lb). The proofing process alone takes several days, giving the cake its distinctive fluffy characteristics. It contains candied orange, citron, and lemon zest, as well as raisins, which are added dry and not soaked. Many other variations are available such as plain or with chocolate.
Photo credit: https://en.wikipedia.org/wiki/Panettone