François-Henri Bennahmias to Launch New Luxury Swiss Watch Brand N3W5

Former Audemars Piguet chief executive François-Henri Bennahmias has secured funding for a new luxury watch brand called N3W5 offering mechanical watches starting at 20,000 Swiss francs ($25,000).

Bennahmias’s plans for the new watch brand are part of his recently formed company The Honourable Merchants Group.

The plans come as the Swiss watchmaking industry struggles to pull out of a slump, buffeted by war in the Middle East and as appetite remains weak in China. The industry’s biggest names like Rolex and Patek Philippe are gaining market share as shoppers flock to best known brands.

The executive tried to purchase De Bethune, a high-end independent Swiss watchmaker currently owned by US-based jeweller The 1916 Company, but the deal did not go through. “For several reasons it did not happen,” Bennahmias told The Business of Fashion. De Bethune declined to comment. Talks with two other independent Swiss watch companies also fell through.

Watch designs for the new label N3W5, pronounced “news” and named after the cardinal points, will be introduced at Dubai Watch Week next year, with sales beginning in 2028. The first collection will have a round case and the second will have a cushion-shaped case, powered by new movements – one protected by multiple patents. The brand will rely on a network of high-end third-party Swiss suppliers for production at the outset.

Bennahmias, who until now funded the project himself, has secured 30 million Swiss francs from a group of private investors he declined to name.

He has enlisted celebrated enamelist Anita Porchet, an independent known for her work on low-volume pieces made by brands including Patek Philippe and Hermès.

“For the first time, she’s going to be able to design whatever she wants, and we will share the profits equally,” said Bennahmias. He said he planned to give greater credit to designers and watchmakers, including more share of profits, than industry norms.

“I want to reward everyone involved in the entire ecosystem of value creation,” said Bennahmias.

Within 10 years he aims to produce 10,000 watches a year, including pieces costing around 60,000 Swiss francs.

Bennahmias said he does not plan to invest heavily in marketing but would be leaning into his network of high-profile watch buyers, built up during his time at Audemars Piguet.

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What François-Henry Bennahmias Did Next

The former Audemars Piguet chief executive speaks exclusively to The Business of Fashion about the launch of his new venture, The Honourable Merchants Group.