Business NewsFormer Audemars Piguet CEO Bennahmias Returns To Lead New Luxury Group: There Will Be Watches

François-Henri Bennahmias, the charismatic executive who grew Audemars Piguet's annual sales beyond $2 billion while serving as CEO for more than a decade, is returning to the luxury industry as head of a new brand group. Bennahmias unveiled details of the venture called The Honourable Merchants Group that will invest in and develop brands and products across a host of luxury categories, including watchmaking, at a glitzy event in Lausanne, Switzerland, on Wednesday. The 61-year-old said the group is in talks to include as many as four separate watch projects among its ventures.

"On the watchmaking side, it won't be only one, not two, not three, but four different projects which we are finalizing as we speak. We should be able to come back to you before the end of the year,'' Bennahmias says. The watch projects will be separate and distinct and won't compete with each other for customers, he explained, in a briefing with reporters before the event.

The new luxury group is financially backed by funding from four private investors, in addition to Bennahmias himself. The aim of the new group is not limited to growth and profit, but to create ethical, sustainable work environments and products while pushing the creative bounds of innovation with fresh concepts and technology. "We want to change the world of business. It is a mission," he said.

The former AP CEO says he was inspired, in part, by the work environment and structure of Italian luxury fashion house Brunello Cucinelli. Visiting the company in Italy, he says he discovered a workplace that treated staff with respect while allowing time for activities and interests beyond corporate duties. He says the new company's backers, whom he declined to identify, are fully on board with the concept.

"The people putting money behind the venture are all individuals, so no private equity, no investment funds," Bennahmias says.
"These are  people that I've known for quite some years now, and they are endorsing the philosophy and the way it's going to work."

Bennahmias served as AP's Chief Executive from 2012 until 2024 and transformed the family-owned watch brand and its flagship Royal Oak model into a high-profile, luxury entity with tie-ups and endorsements from contemporary figures in music, entertainment, and sports, including Travis Scott, Kevin Hart, and Lebron James. He also re-organized AP's retail distribution, moving the majority of its sales to its own boutiques, which included the 'AP House' concept as a showcase and community space for the brand and its clients. During his time in the executive seat, AP sales more than quadrupled to about CHF2.3 billion in 2023 from about CHF670 million in 2012, according to analyst estimates.

The Honourable Merchants Group will invest in and develop products and brands across a slew of categories, including jewelry, fashion, professional management, services, art, and lifestyle. It unveiled two of the projects this week. Avalon is a services company that will provide bespoke services to manage, secure, store, deliver, and leverage clients' collections of art, jewelry, watches, wine, and other goods. One of the services it will provide is allowing clients to borrow money against the value of their collection, which will be secured by their assets physically held by Avalon.

Bennahmias also introduced a new electric-bike brand and company called Viiala that promises to bring new tech, design, and concepts to cycling and transportation. The brand is headed and named for the former CEO of Swiss e-bike company Stromer, Tomi Viiala. The new e-bike brand plans to bring its first products to market in 2028 and intends to utilize technology, including artificial intelligence, to enhance user experience and improve safety.