Former Audemars Piguet CEO François-Henry Bennahmias Launches New Luxury Holding, THMG
Former Audemars Piguet Chief Executive François-Henry Bennahmias has unveiled his long-awaited post-AP venture - a new multi-sector luxury holding named The Honorable Merchants Group (THMG). The initiative seeks to establish an alternative model within the luxury industry, one centred on cultural contribution, ethical entrepreneurship and long-term partnerships rather than pure financial expansion.
A vision for a new kind of luxury ecosystem
Bennahmias, who stepped down from Audemars Piguet in 2023 after more than a decade at the helm, has positioned THMG as a platform for brands and entrepreneurs who share a philosophy of responsible growth. The holding will invest in and support projects that combine creativity, sustainability and business discipline across various sectors of the luxury world - including watchmaking, jewellery, fine living, mobility and services.
At its inception, THMG comprises two companies:
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Viiala, a Swiss maker of high-end electric bicycles known for advanced engineering and craftsmanship;
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Avalon, a firm founded by Bennahmias that provides secure storage, collection management and advisory services for luxury assets.
According to the group’s initial outline, the portfolio is expected to expand to include independent watch manufactures, fine jewellery houses, design ateliers and art-related ventures over the coming years.
Funding and structure
THMG has secured several hundred million Swiss francs in initial capital from a group of undisclosed Swiss, French and Middle Eastern investors. The holding is headquartered in Switzerland and will operate as a strategic investor and mentor, offering both financial support and operational guidance to selected ventures.
Projects seeking investment from THMG are invited to submit proposals online by the end of September 2025. A shortlist of candidates will then be invited to present their concepts at an in-person event in Nyon on 8 December 2025, where final selections will be made.
A values-driven approach
THMG’s foundation rests on a guiding belief that profit must serve purpose. Bennahmias envisions the holding as a collaborative platform that encourages socially and environmentally responsible investment and mentorship, integrating business growth with cultural and human development.
Context within the luxury landscape
The creation of THMG arrives at a moment of transformation within the global luxury sector. Consolidated groups such as LVMH and Richemont continue to dominate market share, while independent brands increasingly seek strategic partnerships to retain creative autonomy. Bennahmias’s new venture positions itself not as a direct rival to these conglomerates but as a curated network of likeminded companies, united by a shared ethos rather than by ownership centralisation.
Industry observers note that Bennahmias’s decades of experience - including his role in transforming Audemars Piguet into one of the world’s most dynamic independent maisons - lend significant credibility to the project. THMG’s focus on mentoring and values-based investment may appeal to a new generation of luxury entrepreneurs seeking purpose alongside profit.
