After 30 years of distinguished service for the Le Brassus manufacture, French CEO of Audemars Piguet, François-Henry Bennahmias, will hand over the reins of the company to the Italian-Swiss Ilaria Resta. Announced last spring, the news immediately made headlines around the world, leading to various interpretations of this new move by the Swiss manufacture.
Let’s now explore what will likely be the effects of this change of guard and what we can expect in the future from the maison.
The Era of François-Henry Bennahmias
Born in Paris in 1964, François-Henry Bennahmias began his career in the luxury sector after being a professional golfer for five years. After working for high-fashion brands like Giorgio Armani and Gianfranco Ferré, to name a few, in 1994 he joined the family of Audemars Piguet as brand manager for Singapore.
Soon after, his position within the company became increasingly important until he was promoted to head the markets of France, Germany, Italy, Spain, Switzerland, Brunei, Australia, and Malaysia. Subsequently, in 1999, he was elected CEO of Audemars Piguet North America with the specific task of developing the brand within the US market.
2012 marked the final milestone for the Parisian manager with the attainment of the position of Chief Executive Officer of the maison.
The ability of this charismatic character in growing the company, during the 10 years in which he held this role, was immediately evident. The company, in 2012, the year Bennahmias became CEO, had achieved just over 600 million Swiss francs in turnover.
After just 6 years, in 2018, the company surpassed one billion in turnover for the first time, reaching 2 billion in 2022, thus positioning itself ahead of Patek Philippe and becoming the fourth watch brand in sales in Switzerland.
In conjunction with the company’s economic growth, Bennahmias’s real skill undoubtedly lies in having greatly increased the desirability of the watches produced by the maison, particularly with reference to the Royal Oak collection, making them the object of desire for many enthusiasts.
Today, after 30 years of honorable career, through which Bennahmias has managed to transform and grow the brand, he will leave a company transformed by his vision.
The New Era of Audemars Piguet with Ilaria Resta
From January 1, 2024, the new position of Chief Executive Officer of Audemars Piguet will be taken by Ilaria Resta, a name certainly new to all those involved and lovers of the watch sector. The Italian-Swiss top manager, graduated in Economics and Marketing at the Federico II University of Naples, has always worked in a completely different field but with record results.
Her background is mainly within the cosmetic industry where, thanks to her skills, she has been able to lead and develop iconic global brands in various segments. After holding the position of president of the Global Perfumery & Ingredients division at Firmenich, the new working chapter of the Italian-Swiss will involve a world made of watches.
Joining the maison in August 2023, Ilaria Resta has been part of a transition period alongside Bennahmias to ensure a “gradual” change of position. Immediately after the announcement of the news to choose an extraordinarily experienced person, but completely new to the world of Swiss watchmaking, controversial positions were not long in coming.
What we can tell you and assume today, as strange as it may seem to choose a person with a distant background for such an important position, is that this move contains a very clear message.
Before getting to that, I want to revisit the following statement made by Bennahmias to Eleonor Picciotto of Revolution: “Our goal for the immediate future is the woman. We want to make our women’s watches the equivalent of Hermès’ Birkin.”
With this statement from the current CEO of Audemars Piguet, the maison’s message for its future is very clear. But of course we need to take into consideration the fact that Bennahmias will not be the CEO anymore, so even if he said it, things might have changed in the meanwhile. However, we like to think that this will hold true for the coming years.
After having transformed the Royal Oak collection into the object of desire for the male audience, the next step for the maison is undoubtedly to conquer the female audience in the same way.
An audience that, currently, is inclined towards other brands that have always distinguished themselves for a strong focus on creating ad hoc female models.
What the maison desires today is to increase awareness and desire among women for its watches, creating, I suppose, a model so sought after and particular that it can be equated with the desire for the much-loved and sought-after Hermès bag. From what it seems, it’s not just about desire. The goal is to create a true icon, on par with what the Birkin is for Hermès.
A move that Bennahmias, for the male audience, has certainly managed to accomplish excellently by putting the Royal Oak on everyone’s lips.
At this point, one might rightly wonder how this could be achieved and, above all, the connection with the new CEO of the brand.
To cultivate and increase the desire of female customers towards such a prestigious watchmaking brand, it is certainly necessary that a strong and charismatic woman like Ilaria Resta be in command.
It’s true that, according to many, the new CEO does not have a watchmaking background, but here we must disregard this aspect as the skills and cards on the table to run a company of this caliber are there.
I believe that choosing a female figure, especially so strong from a work point of view, can give the right springboard to the female audience to have confidence in buying a brand at whose helm is a figure who first and foremost believes in the maison’s creations.
Over time we will understand if this move will be concretized by the creation of a new ad hoc collection or, in the revisiting of a classic that we already know.
The road to conquering the name of Hermès’ Birkin will certainly not be without obstacles. What is certain is that, once the feat is accomplished, the brand will be able to boast icons for both the male and female audience.
During the Bennahmias period, we also witnessed strong revisitations of the brand’s classics par excellence, as well as unusual partnerships like the one with Marvel, to name one.
With the change of guard, we must also ask ourselves if all this will continue or if there will be a reversal of the trend. Only with time will we be able to truly understand the brand’s choice and, above all, what will be the definitive moves of the new CEO not only for the female audience, but also for the current collections in production.
What I would hope for would be the possibility of seeing a new collection that can shine with its own light on par with the Royal Oak. Also because, when all is said and done, all the splendor and success of the brand, to date, is closely linked to the iconic model designed by Gerald Genta.
The announcement of the new CEO’s entry was accompanied by the following statement from Alessandro Bogliolo, president of Audemars Piguet:
“Mrs. Resta will accompany Audemars Piguet into the future, as we continue to develop our brand, blending tradition and innovation and strengthening our direct connection with customers. Her proven experience in producing results through clear strategic thinking based on deep consumer insights will keep the AP legacy relevant for generations to come and ensure lasting growth.”
With this statement, I believe we can hope well for the future moves of the company also because, once the new market trends are identified, accompanied by the business skills of the new CEO, the step towards the climb to the top will be completed.
As with everything, however, only time will allow us to fully understand whether these will be winning decisions for one of the most important brands in all of Swiss watchmaking.
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