François-Henry Bennahmias – the former Audemars Piguet CEO becomes an “honorable businessman”

It's been official since September 17th: The Honourable Merchants Group has begun its work. The company was founded by François-Henry Bennahmias, who led Audemars Piguet to the top of the watchmaking world in his eleven years as CEO. He spent a total of 30 years with the luxury watch brand.

Audemars Piguet and the Bennahmias era

Under his leadership, Audemars Piguet's annual revenue increased significantly: from approximately CHF 500 million at the beginning of his tenure as CEO to over CHF 2 billion by the end of his term. However, during this period, the number of watches produced only increased from 32,000 to 51,000, as the company had moved into a significantly higher price segment. Furthermore, under his leadership, AP abandoned collaborations with multi-brand partners in favor of its own boutiques and sales through franchises. In August 2023, Ilaria Resta succeeded François-Henry Bennahmias as AP CEO. There are now Rumorsthat she would soon be leaving the company.

THMG: Many product groups, one code of conduct

Now, Bennahmias, who was a professional golfer in his younger years, has founded his own company, THMG, and serves as CEO. Its portfolio includes watches, but isn't limited to them. It also includes jewelry, fashion, art, mobility, lifestyle, and services. THMG intends to acquire other companies or establish its own in all of these areas.

They are all expected to follow a common code of conduct centered around integrity, responsibility, and long-term value creation: "Unlike traditional industry groups, THMG is founded on the principle that profit and purpose must be aligned. Every brand in the portfolio is committed to innovation, excellence, and ethical business practices, ensuring that growth is measured not only by financial performance but also by cultural and human impact." This is how the business philosophy is described on the website, which is also reflected in the name Honourable Merchants Group.

The concept of the honorable merchant has its roots in the Middle Ages and played a particularly important role in the Hanseatic cities. According to this concept, merchants conducted their business not only according to written law, but also according to codes of honor: reliability, trustworthiness, honesty, and fairness.

“No perpetual growth, no insane time pressure,” Bennahmias explained his intentions when presenting his company, in which all employees and suppliers are to participate in the increased value.

Two own projects for the launch of THMG

Founded by François-Henri Bennahmias, the Swiss company Avalon offers the transfer of static collections of valuable physical assets into dynamic, strategically managed portfolios. Based on four pillars—extreme security, global logistics, a private digital platform, and premium services—it specifically offers museum-quality storage, real-time access, financial analytics, and services such as authentication, optimized insurance coverage, maintenance, and asset-backed financing.

Project number two is a Swiss mobility company that aims to redefine cycling. Co-founder Tomi Viiala, a Swiss-Finnish citizen and former co-CEO of Stromer and Desiknio, is responsible for Viiala's development. With research and development centers in Switzerland and Dubai, the company aims to develop e-bike concepts that will consist of 95 percent components from Europe and the USA and be assembled in Europe. The first bike is planned for 2028.