François-Henri Bennahmias Launches His New Venture “The Honourable Merchants Group”

On September 17, at the Millennium in Crissier, Switzerland, François-Henri Bennahmias finally unveils the new structure he has been secretly developing for over a year. 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.

You are launching a new company, “The Honourable Merchants Group (THMG).” Where did the idea come from?

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. Later, when it came to naming the group, we discovered that “honourable merchants” was not trademarked. It was the perfect name.

Concretely, what will be the group’s philosophy?

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.

You also talk about profit-sharing with employees…

Yes, that’s fundamental. Too often, the fruits of growth go solely to executives or shareholders. With us, as soon as there’s profit, a portion will be shared with all employees—from workers to top management—on a pro-rata basis relative to salaries. This is written in our manifesto.

Similarly, if we part ways with a company, part of the value generated will also be redistributed among all employees. I never want to see someone who contributed to a company’s success being left out.

Your model still seems similar to certain private equity funds specialized in luxury or family businesses, often offered by private banks…

No, because the philosophy is different. Funds often have financial deadlines and performance benchmarks to meet, which drives short-term, sometimes destructive, decisions. I recall a company that had grown successfully, only to be acquired by a fund that immediately fired its founder. Shortly afterward, the company lost all its value. I don’t want that model.

Another difference: with private equity, investors usually have to buy into a whole portfolio of products. With us, that won’t be the case. Investors can choose the verticals they prefer. THMG will guarantee the philosophy.

How will you select your investors?

We don’t select them—they come to us.

Who are they?

The first is a private Swiss investor, whose name I won’t disclose, joining us on the watchmaking vertical. For bicycles, we will have French, Swiss, and likely Dubai-based investors. For services, we already count two others. It depends.

What financial resources allow you to begin?

A few hundred million, spread across seven verticals, two of which we are announcing today.