François-Henri Bennahmias is launching a new company called The Honorable Merchants Group (THMG), bringing together seven entities that will create watches, electric bikes, jewelry, fashion, and more, but will also manage collections. The company, named The Honourable Merchants Group (THMG), will bring together seven entities ranging from watchmaking and e-bikes to collection management services.
Since stepping down as CEO of Audemars Piguet in December 2023, Bennahmias has gradually built a team of 70 highly specialized collaborators, all currently paid out of his own funds. Now joined by Swiss and international investors, he wants to revolutionize the way business is conducted, convinced that the current model of relentless capitalism based on profit at any cost must change.
This conviction comes from someone who helped elevate Swiss high-end watchmaking to the ranks of highly desirable and enduring luxury goods, valued by both collectors and the new generation. A few days before the launch, Luxury Tribune had the exclusive opportunity to meet with him, understand his business model, and witness that his flair for bold statements remains intact.”
François-Henri Bennahmias: ”It all began with an encounter in 2017 with Brunello Cucinelli, whom I had long wanted to meet. After spending 48 hours with him in his hometown of Solomeo, it was nothing short of a revelation—or a revolution. His humanist philosophy deeply impacted me. During that stay, we also learned that he had just received a honorary title, that of “honourable merchants”—a distinction dating back to the 12th century in Italy and Germany. At the time, it embodied powerful human and commercial values. The concept spoke to me immediately. .
”We are developing several verticals: watchmaking, jewelry, fashion, art, services, lifestyle, sports management—and others will follow. Two guiding principles will shape all our actions. First of all, we reject the “always more” mindset. While this approach drove economic progress in the latter half of the 20th century, the past two decades have exposed the damages of unchecked capitalism: environmental destruction, human toll, and wealth concentration. Second is focusing on people. I never want to see anyone be left behind on the path of growth. That’s why profits will be redistributed among all employees, from factory workers to the CEO.”
”We want to build or support companies so they grow organically, on a long-term basis, and qualitatively — without time pressure. Our model is not a traditional private equity fund that acquires a company only to sell it quickly for maximum profit. If a company currently has CHF 30 million in revenue and has the potential to reach CHF 100 million, we will consider it long-term. If it finds its balance at 90 million, that’s perfectly fine. What matters is solidity, quality, and respect for the soul of each brand and for the people behind its success.”
“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.

François-Henri Bennahmias
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