The charismatic former boss of Audemars Piguet is back – and wants to shake up the world of luxury

He was CEO of Audemars Piguet for eleven years, leading the brand to the pinnacle of the watch world. Now, François-Henry Bennahmias is aiming for more. A year and a half after leaving the traditional brand, the visionary manager is returning. With the company he founded, The Honourable Merchants Group (THMG), he plans to expand into several segments of the luxury market—from watches to electric bicycles.

On the evening of September 17, Bennahmias presented his new project in Crissier near Lausanne – a holding company covering seven areas: watches, jewelry, mobility, art, fashion, lifestyle, and services. He intends to acquire or build companies in all of these sectors.

The name says it all: In the Middle Ages, the "honorable merchant" was considered a symbol of entrepreneurial responsibility. Bennahmias wants to transfer this ideal into the 21st century: growth, yes, but not at any price. "No perpetual growth, no insane time pressure," he says. Everyone involved, from factory workers to CEOs, should share in the increased value.

So far, two projects are known that Bennahmias wants to develop himself.

The first is called Avalon and is aimed at watch and other collectors. Bennahmias describes it as a response to frustrations he himself experienced as a collector. Storage, digital catalogs, insurance solutions, discreet sales options, worldwide transport, and loans against collateral: Avalon is based on the idea of ​​managing physical collections as professionally as financial investments – with security, transparency, and service. A first safe is already in test operation in Geneva, with Zurich to follow soon. Hundreds of such locations are planned worldwide in the long term. Anyone who deposits their watches there, for example, can request them from Avalon and receive the desired piece within a short time.

The second project focuses on mobility. With Viiala Electric Bike, Bennahmias aims to take e-bikes to a new level. His vision is a premium bike with a range of 150 to 200 kilometers, fast charging, and technologies from the automotive industry—such as systems for avoiding accidents between cars and bicycles. The price: around 25,000 Swiss francs. "I want to build the most extraordinary bicycle ever made," says Bennahmias. The first model is scheduled to hit the market in 2028—with the goal of eventually selling up to 50,000 units annually.

He's already found a suitable partner: Tomi Viiala, the long-time CEO of Stromer , is on board as a founder and will also lead the company. Viiala left Stromer a year ago to take a break. Now he apparently wants to give it another try.

At the same time, THMG is preparing acquisitions. Bennahmias isn't naming names yet. However, he emphasizes that most of the purchases are already in place. He was officially able to launch his companies in June, after the non-compete clause with Audemars Piguet expired. One of the first acquisitions will be in the watch division. Bennahmias intends to initially manage this division himself, because, he says, investors have demanded it. "But not for long. I want to be a coach, not a CEO anymore."

The holding structure stipulates that THMG will always retain 50 percent of the voting rights. Suppliers will also be involved—a break with the prevailing power dynamics in the luxury industry.

However, THMG aims to be more than an investment firm. Bennahmias calls it a movement. He plans to report on progress and mistakes quarterly. A startup competition will also serve as an incubator. Initially, these startups won't receive any funding, but they will receive coaching. Those who prove their concept works over the years can become part of the group, says Bennahmias.

Bennahmias is a man of grand gestures. At Audemars Piguet, he cultivated contacts with stars like Jay-Z and Ed Sheeran; his phone book is accordingly well-stocked. Whether these networks will continue after his retirement from the helm of one of the most important Swiss watch brands remains to be seen. In his case, however, there is much to suggest they will – he was always more than just a manager at Audemars Piguet. Ed Sheeran recently sang at Bennahmias' wedding.

The concept of the honorable merchant, which underlies The Honorable Merchants Group, has accompanied Bennahmias since 2017. At that time, he visited the Italian entrepreneur Brunello Cucinelli in his hometown of Solomeo. They spent two days together. "It was a revelation," says Bennahmias. "When I left the village, I knew: This is what I want to do with my life." Shortly thereafter, he announced his resignation to the Audemars Piguet Board of Directors – with considerable advance notice.