N3W5: Former Audemars Piguet CEO Launches New Watch Brand

François-Henry Bennahmias, former CEO of Audemars Piguet, is returning to the world of haute horlogerie and, in collaboration with renowned suppliers and artisans, is launching the new watch brand N3W5 under the umbrella of THMG, the company he founded.

The N3W5 brand sees itself as a modern interpretation of the Swiss watchmaking tradition: deeply rooted in local expertise, yet open to the world’s best creative and technical minds.

Audemars Piguet and the Bennahmia Era

Under his leadership (2012–2023), Audemars Piguet’s annual revenue rose significantly: from about 500 million CHF at the start of his tenure as CEO to over two billion CHF toward the end of his term. During this period, however, the number of watches produced rose only from 32,000 to 51,000, as the company had moved into a significantly higher price segment.

Furthermore, under his leadership, AP moved away from partnerships with multi-brand retailers in favor of its own boutiques and sales through franchise stores. In August 2023, Ilaria Resta succeeded François-Henry Bennahmias as CEO of Audemars Piguet.

THMG – Bennahmias as an “honorable merchant”

In 2025, Bennahmias founded his own company, THMG (The Honorable Merchants Group), and serves as its CEO. The company is involved in watches, but not exclusively. It also operates in the fields of jewelry, fashion, art, mobility, lifestyle, and services. In all these areas, THMG aims to acquire other companies or build its own brands from the ground up.

Everyone is expected to follow a common code of conduct centered on integrity, responsibility, and long-term value creation. Every brand in the portfolio will be measured not only by its financial performance but also by its “cultural and human impact.” “No endless growth, no insane time pressure,” explains Bennahmias.

New Watch Brand N3W5

The name N3W5 refers to the cardinal directions: North, East, West, South. François-Henry Bennahmias explains the idea behind it as follows: “In a world that never stands still, we become our own compass. Drawing on instinct, curiosity, and human talent, N3W5 brings a new perspective to contemporary watchmaking: what is visible never sets the limit—neither technically nor philosophically. (…) We honor the collective intelligence behind every great creation. Together, we form a constellation of talents from a wide variety of disciplines and regions, united by a shared passion.”

The Swiss-made watches are to be produced in collaboration with specialists from around the world and using the brand’s own movements. So far, only vague details are available about the watches themselves. They are set to be unveiled during Dubai Watch Week 2027. Two collections have been announced, featuring round and cushion-shaped cases, respectively, as well as mechanical movements. The suggested retail price starts at around 20,000 CHF.