A story ­about Audemars Piguet and François-Henry Bennahmias

“It feels pretty amazing because I have been working for ­Audemars Piguet for 26 years and to see where we were when I started and where we are now it’s like a dream come true. So it is a pleasure to see that now we are 2000 people, while we were 200 people when I joined the company and we are heading to 2021 in a good position.”

François-Henry Bennahmias is the CEO and my direct entrance to the ­Audemars Piguet world. Only 10 minutes after I have entered the historical building of the Manufacture I am already in his white office. I find myself surrounded by small statues of iconic players from golf and on the walls my attention is drawn towards a poster of ­Arnold ­Schwarzenegger and boxer Muhammad Ali. There is also a statue of Star Wars Yoda master and from my research I knew I was going to meet a fan of the SF movie series. My host is a direct and kind person. He is simply but elegantly dressed and behind the serious look I can feel he is the kind of leader that enjoys a good laugh. For not even a second I felt the stiff attitude of a top executive running a luxury business with more than 1 billion CHF turnover. Here and now, in the CEO’s office, money are not part of the magic.

“What matters is everything we’ve been working for since 1875 is paying off a bit more every year. The strategy we put in place when I took over the CEO position, in 2012, directs us in the right direction. Now eventually the revenue is going to grow but I would say that the most important thing before the revenue is the brand perception. What the brand stands for. It is important to get more people to love the brand, to look at ­Audemars Piguet as being very aspirational. It is important to see the young kids saying that if one day they could afford, they would buy one. That’s a reward. The revenue is always the consequence but it cannot be the will that drives your business. If revenue is your will, then you’ll be out of business very quickly.”

His vision makes room for harmony between passion and profit.

“They are not enemies of each other at all. First of all, we are watchmakers. So we make hopefully unbelievable watches. And if these watches deliver enough emotion to the buyer, people will start to buy them. We generate sales hence we generate profit and we will be able to reinvest and grow the business like any other businesses.”

Being able to look into the future is what gives power to a company. For ­Audemars Piguet, living in the future has been the way of being since day one. The brand was founded 145 years ago and it was the moment when Jules Louis Audemars and Edward Auguste Piguet realized they can make the area more profitable if they could sell their watches outside of the Vallée de Joux. These mechanisms were produced by local craftspeople in workshops established in their farmhouses. They were crafted during the 6 months of winter when the only thing to do was to feed the cattle. Even if it seems difficult to believe this in our modern reality, the principles of ­Audemars Piguet continue untamed until today. It was always about researching the best way of manufacturing complications, about the highest quality, about being in harmony with nature and about honesty towards the clients. They are the masters of Perpetual Calendars – watches that tell the date, day, month, year as well as phases of the moon, while taking into account leap years – and of the Minute Repeaters – watches that use gongs to make you hear what time it is when the light is off. As for all the big brands from any industry, consistency is the key for longevity and even if it seems everyone knows it, few have the power to keep it. But those who stay true to their values can say they are really prepared for the future.

What is ­Audemars Piguet betting on?

“On its core values! Every single day, every single minute, every single second. You never go away from your DNA. You have to go back to it every single time. Look at opera singers, for example! Some of these people have been singing for 20 maybe 30 years but every day, before going on stage, they are practicing. Take any golfer! They are going to the driving range and work on the same basic move they have been working for the last 30 or 40 years. What’s going to be the success of ­Audemars Piguet? If we stay true to who we are, if we don’t settle, if we don’t compromise, if we keep pushing the boundaries, if we keep delivering emotions, then we are still going to be here in 5 million years.”

I am more than sure François-Henry Bennahmias knows very well the responsibility of his position. It is not complicated at all to instantly recognize he is a unique character and this would be one if not the most important quality that brought him on top of ­Audemars Piguet. His courage is not new for the way the company has been driven since the very beginning.

You understand this fast once you enter in the new Musée Atelier building recently inaugurated after 7 years of development. The founders and later their followers have been experimenting with everything meant to challenge their imagination. This is why you find watches and stories right in the middle of the futuristic glass building that is defined as the “museum”. But not the cold and too quiet type of museum you might think of. Here, at ­Audemars Piguet, the museum visit is a sort of induction process as you pass by all the important steps of the story, from the very beginning taking place at the exact same address. And you are always accompanied by a professional guide that highlights every detail meant to define a genuine experience. There are simple models that explain how things actually work in the cases you have on the wrist. The reason is obvious: you cannot really fall in love with a watch until you understand why it is so hard to make a good one. In Le Brassus nothing is taken for granted. Watches have a soul and a heart and ­Audemars Piguet wants to make sure you understand there is so much more than what people think about the brand while posting photos of the Royal Oak just because it is a “cool” watch. A visit to Musée Atelier is an experience where the watch brand is presented to its guests in all its complexity.

“We have just opened our museum, which is a very unbelievable piece of architecture. We knew that the museum would bring a lot more people and we also wanted to make sure we want more and more people to come and visit Le Brassus. Why? Because nothing beats the direct connection between you as a client and the whole environment here, the Vallée and the whole facilities where you see the watchmakers and all the people working for ­Audemars Piguet. Soon, our renovated hotel will be an addition the global experience we offer to our clients, but also to all the tourists visiting the area.”

Audemars Piguet is a universe in itself. So much more than what people have in mind before an actual visit at ­Audemars Piguet. It is a never ending quest to harvest emotion in its purest form. If you would ask me now to give the first thought about how I see the position of the CEO of ­Audemars Piguet I say he is more of a Master Blender from the world of centuries old Scottish distilleries. Because he is not on top of the company as a conventional manager but as a person making sure the recipe of Love for watches is kept at the same intensity of the founders. And it couldn’t be otherwise. Once you immerse yourself in the spirit of Le Brassus you feel it is a place like no other. You feel it is a place that will remain a destination of passion in the near or faraway future, no matter the challenges the watch industry is facing.

“When the smart watches came out, every single journalist told us that traditional watchmaking would die. That the Swiss watch industry will die. It’s almost like saying that the three Michelin star restaurants will disappear once Fast Food restaurants come. They have nothing to do with each other. You cannot even compare these two worlds. I don’t look at the smartwatch being a watch actually. It is a device on your wrist. Did it stop people from enjoying true craftsmanship, artisanship that it takes to build a beautiful mechanism with a beautiful design? No! Are we going to reach millions of people? Of course we won’t! But that’s not who we are. There are 140 three Michelin star restaurants in the world. The sitting of each is at most 40 people. If you ask a Michelin starred chef to sit 200 people at the same time, the Michelin standard is gone. That is exactly what it is going on right now with us. We sell 40,000 watches, maybe we will sell 45,000 or ‘50,000’ but at the end what matters is that we are going to stay true to who we are. And we see a lot of young kids coming to the brand and say that they love what we do. So at the end there is always a bright future for exclusivity, craftsmanship and unbelievable watches.”

The direct connection with the end user seems more important than anything else. It is the essence of love that keeps a brand alive in the hearts of its clients and of its aspirational audience. It has been the reason for which François-Henry Bennahmias decided to distribute the brand more through boutiques and less through multibrand stores.

“For me it was a clear vision that started a long time ago: at some point we would have to shorten the communication path between the watchmakers bench and the client. So, years ago, we have decided to become more direct. Because of that we have to open boutiques or AP Houses and tomorrow to explore other possibilities. This was a strategy choice, to go directly to the end consumer.”

The establishment of AP Houses came as a step further in order to support the philosophy of direct selling.

“An AP House is not a boutique or a store. If a client spends 30 minutes in a boutique, maybe he is going to spend two hours in an AP house because there is no feeling of obligation to do anything. You can just hang out and talk. It is not always about selling! There is not such a thing anymore. The true luxury is not pushing to sell. Let the client decide what he wants to do! We have arranged birthday parties, baby showers, wedding proposals in the AP house. We wanted to create a space for people to experience the brand and feel comfortable.”

Bringing more and more people to ­Audemars Piguet is a much more complex process than selling and it is something you need to work on at all time and with all generations, past and future. ­Audemars Piguet is a case study for what it means to be a high-end product people see and dream about.

“We have been involved with the world of entertainment for over 20 years now. When we signed with Jay-Z in 2005 to make a watch together, Jay-Z wasn’t where he is now. We have also worked with ­Arnold Schwarzenegger and Muhammad Ali long time ago. The consequence is that we see a lot of younger people whether they are athletes or actors or singers wearing ­Audemars Piguet and most of the time without us being involved. It is their choice because of what ­Audemars Piguet stands for and because of that a lot of the young generations want to come to the brand as well.”

And besides entertainment, there is also the involvement in art, the partnership with Art Basel being one of the most visible agreements in the last 15 years. But still with the idea of consistency in mind.

“We had been involved in the world of sponsorship for a long time when the Art Basel proposal came. We found it very impressive because contemporary art has a lot of common grounds with what we are doing and the people behind, whether they are the gallerists or even the clients, are people that are touched by talent, craftsmanship, exclusivity. So we decided to go and see what happens there.”

Audemars Piguet promotes what the brand stands for and they support the artists but they would never ask an artist to draw something on one of their dials just to make a statement. The two worlds, art and horology, need to keep their individuality.

François-Henry Bennahmias respects the past and he realizes he is an episode from a story meant to continue with the same winning philosophy. But, in the same time, he already took some of the most courageous decisions in the history of the brand. Some of them still need to pass the test of time. Last year, under his supervision, ­Audemars Piguet launched the all new collection Code 11.59 by ­Audemars Piguet. And to realize the importance of the watch, I would mention that during the contemporary history of the brand, there wasn’t a similar launch since 1972 when the iconic Royal Oak imagined by legendary designer Gérald Genta was introduced. As a journalist I can say that Code 11.59 by ­Audemars Piguet was met with a lot of criticism but it wouldn’t be fair to put a label on a watch that feels like a horological marvel once touched. Personally, there are many reasons for which you can love the new ­Audemars Piguet if you are a person actually thinking to buy the watch. And I give one example, besides watches. If we talk about cars, I would mention the reaction towards the presentation of the BMW 7 Series from 2001, a new generation with a completely new design coordinated by American designer Chris Bangle. He totally gave up what 7 series looked like before and moreover he installed a unique rotative button in the interior, between the front seats, to control almost all the car’s functions. What followed after the presentation was not criticism but pure hate! After the media rage eased a little bit, the designer went out and said he was waiting also for the clients’ reaction as he knows that journalists didn’t spend too much time with the car and also they are not necessarily the potential market for the new limousine. Today, the idea of having a central button in a car is an industry standard. As for the new Code 11.59 by ­Audemars Piguet, only time will tell whether ­François‑Henry Bennahmias bet was the right one.

“First of all we have launched the watch in January 2019 so it’s not even a few years old. I know it’s going to take us 3 to 5 years to install that collection. We took a bet to bring in a new shape and a new design and install it within 3 years. When the Royal Oak came in 1972 nobody was calling the watch iconic. Not in 1972, not in 1975, not even in the 1980s. It takes time!”

Code 11.59 by ­Audemars Piguet is an emotional product once you spend some time with it. And we are now living emotional times. And maybe this is the kind of approach you need in the top segment of mechanical luxury watches. The Royal Oak tells more a visual message and unfortunately the message has been copied many times and sold for less by many other famous and not so famous brands. Code 11.59 by ­Audemars Piguet is somehow a different type of message. One that has to be felt and that needs a book to describe all the manufacturing details involved. François-Henry Bennahmias believes in his project and he is clearly not the kind of person to give up too easily. No one in the company he is running was either. He is wearing the simplest version of Code 11.59 by ­Audemars Piguet even if he admits he loves all ­Audemars Piguet models the same.

“I have been waiting to see a dial like this one for 10 years. You know where the inspiration came for this one? The nail polish that women use. That is my inspiration! I have always loved the colour of nail polish and I said that I want a dial in the exact same colour. And when it finally came out, I got the first one out of production. Finally! After 10 years I get the watch I want. I could have any version I wanted, the chronograph or any other complication. I wanted this specific simple one.”

Audemars Piguet is now stronger than it has ever been. Inevitably it goes back to its roots. The evolution was, is and will always be fuelled by the human touch. By Love. And the world loves them back. What is for sure is that in a world where everything relates to prices and discounts, ­Audemars Piguet watches make people happy just by showing up in stores. How do you make people pay the whole price for an object they actually don’t need? For sure ­Audemars Piguet knows very well how to keep the balance between the demand and the availability. And then there is the diplomacy to manage the selling relation in the same way you manage friendship. ­Audemars Piguet has been around for more than a century so there is no rush in reaching ambitious figures. The advantage of being an independent company, still family owned, makes a clear difference.

“One watch at a time, one client at a time. You build it one step at a time. You walk before you run. It is not a secret recipe. We are dealing with expensive items and you have to respect the time that is needed to be able to deliver the best possible experience. Sometimes people want to go too fast. They want to sell too many watches because they are in public companies and they have to deliver numbers. So you have to be careful with all this kind of details. It’s like dancing.”

François-Henry Bennahmias feels this philosophy through his veins and he talks about sales specialists that are more the friends of clients in the right way. Friends that don’t push people to buy but actually understand when to postpone a meeting and when to show a watch even if the meeting takes place in a restaurant. In the end, an ­Audemars Piguet watch will find its owner for the same reasons for which the brand has been successful since ever. How do you grow the business? It seems it is not a matter of economic terms when Love is at stake.

“We have a board of directors and they have never ever asked me in my 8 years as a CEO to grow the business by 15% for next year. Never! What they tell me every year is to make sure that the company is still around 200 years from now. They don’t care about the fact that we grow by 3% or by 4% or 8%, it is irrelevant. What matters is the perceived value of the company and where we will be in 10, 20, 100 and 200 years.”

While a driver is taking me away from Le Brassus dream village I experience a feeling I don’t think I ever had before. I feel like I was back in time through a magic gate that showed me also a little bit from the future. And even if we all think a digital world is expecting us, I have discovered that on the contrary, the future might take us back to the roots of our existence, which would be pure feelings, pure love. At the end of our meeting I asked François-Henry Bennahmias to share with me his definition for Time Well Spent. His answer came fast and straight.

“The Time I spend with people I love. Always. Life is about Love! And I am serious about that. If you could actually ask one question to every single person on their death bed, one minute before they go away, what do they regret the most? They won’t talk to you about money, they won’t talk to you about trouble, they won’t talk to you about possessions. They will talk to you about the fact they didn’t spend enough time with the people they love.”