After making Audemars Piguet a cult favourite, François-Henri Bennahmias is starting over
Long before Audemars Piguet found its place on the wrists of some of the biggest names, it was a small family-run workshop founded in 1875 by childhood friends Jules Louis Audemars and Edward Auguste Piguet in the Swiss village of Le Brassus. Built on a shared passion for complicated watchmaking, the maison grew into one of the few remaining independent, family-owned Swiss manufactures, earning a reputation for pushing the boundaries of haute horlogerie while preserving centuries-old craftsmanship.
Over the past 150 years, AP’s legacy was significantly shaped in the modern era by François-Henri Bennahmias. Now, just three years after stepping down as CEO, the executive credited with transforming the historic manufacture into a global cultural phenomenon is embarking on a new chapter with the launch of his own independent watch brand, N3W5, the first watchmaking venture under his luxury holding company, The Honourable Merchants Group (THMG). The independent brand is slated to make its official debut at Dubai Watch Week 2027, with its inaugural mechanical timepieces expected to retail from CHF 20,000.
Bennahmias’ return is one of the most closely watched developments in contemporary horology. Having spent nearly three decades at Audemars Piguet, including a decade as CEO between 2012/13 and 2023, he oversaw one of the industry’s most remarkable growth stories. Under his leadership, the privately owned Swiss manufacture evolved from a respected heritage maison into a cultural powerhouse, with annual revenues increasing from roughly CHF 500 million to more than CHF 2 billion, while deliberately maintaining relatively limited production volumes to preserve exclusivity.
His tenure came with some defining milestones. Bennahmias accelerated Audemars Piguet’s shift towards direct-to-consumer retail through the now-iconic AP House concept, reimagining luxury boutiques as intimate hospitality-driven spaces. He also championed the opening of the striking Musée Atelier Audemars Piguet and Hôtel des Horlogers in Le Brassus. Perhaps most notably, he embraced collaborations that pushed traditional Swiss watchmaking into popular culture – from partnerships with musicians and athletes to the Marvel x Audemars Piguet collaborations, including the Royal Oak Concept Black Panther Flying Tourbillon. While the launch of Code 11.59 in 2019 divided collectors initially, it represented Bennahmias’ willingness to challenge convention rather than rely solely on the enduring success of the Royal Oak.
Now, he is embarking on an entirely different chapter. Rather than acquiring an existing independent manufacturer (an option he reportedly explored before deciding against it) he has chosen to build a brand from the ground up. N3W5, whose name references the four cardinal directions (North, East, West and South), has been conceived as a collaborative platform bringing together some of Switzerland’s finest artisans, designers, engineers and specialist suppliers. Backed by CHF 30 million in private investment, the brand aims to produce several thousand watches in its first year, with future collections expected to include proprietary movements and prices reaching approximately CHF 60,000.
Instead of launching just another independent watch label, Bennahmias is rethinking the traditional luxury business model. Through THMG, he has spoken about building brands centred on craftsmanship, authenticity, transparency and long-term cultural value. If his tenure at Audemars Piguet demonstrated how heritage brands could become globally relevant without compromising exclusivity, N3W5 may well become his opportunity to prove that independent watchmaking can be equally ambitious while placing artisans and collaboration at its heart.
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