Bennahmias Departing?

[HansGruber]

Anyone else seen this from another source?

https://www.linkedin.com/posts/audem...medium=ios_app

[GS93108]

I've read the press releases that have been published in French, but it's definitely a fact now, he's around until the end of next year.

For my part I think he's done a stellar job. I know he's 'marmite' - I can empathise - but as much as he comes across as someone that enjoys the limelight I've also personally experienced him ensuring that his team gets credit for things that are typically credited to him.

All in all, kudos to him and personally I think AP has been in good hands during his reign and whomever comes in to replace him (my betting is that it's a woman, which I'd applaud) has a tough act to follow.

Cheers Francois.

https://www.letemps.ch/economie/fran...iguet-fin-2023

[VogelPhoenix]

Rumors have swirled for a while, but that seems pretty definitive. Interesting times.

The linkedin post points to a long interview:
https://www.letemps.ch/economie/fran...iguet-fin-2023

Most interesting revelation is that AP has 100 people in the IT department. Not what a frequent user of their website might have guessed

[Reign]

He will be missed.

He’s done an incredible job of growing the brand and it’s distribution. I can emphatically say he’s left the brand in an infinitely better place than when he took the helm.

Hopefully the next person brings about similar energy

[HMHM]

Tough act to follow though. First time AP is above PP in terms of revenue.

[GW44]

Very tough act to follow……and yes I’ve turned the job down already

[Willyjo]

Good article from yesterday

https://watchesbysjx.com/2022/06/fra...rs-piguet.html


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[macrowatch]

Will be curious if they hire a visionary or operations person for the next 10 years.

What an incredible run and tenure. Just to see how much the valley has changed with their presence in the last 10 years is pretty incredible for a sleepy little town.

[77T]

So was he a boxer as well as a golf star in addition to heading AP?

I reference the champions belt on the wall…




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[gretch6364]

Would love to see Michael Friedman take over!

[cornsyrup_bezel]

impeccable timing to get out now

[VogelPhoenix]

Originally Posted by cornsyrup_bezel

impeccable timing to get out now

He's leaving at the end of next year, so not just jumping as the ship is about to sink (and I actually think AP will be able to deal with any of the coming fallout better than most, if they don't get too greedy).

[RHJ]

Surely he made an impressive job. I'm curious about his next engagement, will it be still in the watch industry?

[Cru Jones]

Code 11:59, Marvel tie-in, massive (and many) ROOs…..other than not messing up the inherent goodness of the RO, I’m not sure whether his impact on AP is a positive or not. Sure, revenue is up, but so are prices.

[GB-man]

Good riddance. He should have resigned after green lighting the code 1159 branding and marketing campaign.

[supernova]

Definitely think he has done much more good than bad during his tenure and it is evident from AP being a relatively unknown brand to being a household name like Rolex and PP.

Bad were of course the Code, which never really took off despite some nice pieces and also the Marvel tie in, which seems they back tracked as there are not more pieces coming out as they originally planned. But his good marketing and business decisions definitely outweigh the bad.


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[AperolSpritz]

Originally Posted by GB-man

Good riddance.

I'll raise my glass to this, my good sir...

[HMHM]

Originally Posted by GB-man

Good riddance. He should have resigned after green lighting the code 1159 branding and marketing campaign.

Why though? I think certainly there were a few missteps along the way… but be careful what you wish for. The next CEO might turn AP into a Panerai… and everyone would be wishing for FHB to return.

[AperolSpritz]

Originally Posted by HMHM

Why though?

Well, even if not directed at me, I'll answer given I agreed.

Obviously, if the next one does a worse job then this comment will resonate differently but I guess this is true for everything in life...

My view is that FHB diluted the exclusiveness and class of AP. He did this with the Marvel partnership, abusive use of influencers, and pop/rap artists as partners (the Gims unique piece speaks for itself). It's fine to become a pop icon but you don't have to embrace it to that level and roll yourself in it. Patek will never issue a Jay-Z nautilus...

Everyone bows down before the fact AP surpassed PP in terms of sales but this is a very short-termist view in a market where you need to be ready for the long run.

I still love AP and yes you need to reinvent yourself and not become old and dusty (like others) but the FHB hype chasing was too much for me.

As always, my 2 cents.

[Qngo516]

FHB did an admirable job.

Code is a solid attempt to break away from RO. Will it find commercial success? Too early to tell. It is picking up steam.

Marvel tie is strictly a marketing exercise to bring brand recognition to a certain demographic AP hasn’t reached. AP shot up in brand recognition after the BP watch. That’s a successful campaign, with minimal effort.


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[VogelPhoenix]

Originally Posted by AperolSpritz

My view is that FHB diluted the exclusiveness and class of AP...abusive use of influencers, and pop/rap artists as partners ...It's fine to become a pop icon but you don't have to embrace it to that level and roll yourself in it. Patek will never issue a Jay-Z nautilus...

More than a little ironic, IMO, if one has a quick look at the client list for the Tiffany blue 5711...

[HK Islandboy]

Originally Posted by Willyjo

Good article from yesterday

https://watchesbysjx.com/2022/06/fra...rs-piguet.html


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Nice one. Thank you for sharing that

[AperolSpritz]

Originally Posted by VogelPhoenix

More than a little ironic, IMO, if one has a quick look at the client list for the Tiffany blue 5711...

it's a very different thing to "sell something to" somebody and "design something for" somebody

[crispyness87]

Originally Posted by APWhale

One would argue that Patek had no say over the distribution... I say they knew exactly what they were doing.

One would argue that in general Patek doesn’t care that much about who buys their watches, evident by the fact that they still rely on ADs to do the distribution. Patek chose to have little say in distribution.

I give AP (and the departing CEO) props for having the guts and willingness to reach out to customers directly.

[mickyd329]

I think getting control over the distribution system was a good move on AP's part.
I was very skeptical at first, but it was a good IMHO in hindsight.

[HMHM]

Originally Posted by AperolSpritz

Well, even if not directed at me, I'll answer given I agreed.

Obviously, if the next one does a worse job then this comment will resonate differently but I guess this is true for everything in life...

My view is that FHB diluted the exclusiveness and class of AP. He did this with the Marvel partnership, abusive use of influencers, and pop/rap artists as partners (the Gims unique piece speaks for itself). It's fine to become a pop icon but you don't have to embrace it to that level and roll yourself in it. Patek will never issue a Jay-Z nautilus...

Everyone bows down before the fact AP surpassed PP in terms of sales but this is a very short-termist view in a market where you need to be ready for the long run.

I still love AP and yes you need to reinvent yourself and not become old and dusty (like others) but the FHB hype chasing was too much for me.

As always, my 2 cents.

I'm glad that you disagree and replied with your POV. If every bows in front of AP like they can do no wrong (we know a few here), then it will be a very boring conversation whereby everyone just says the same thing again and again.

I can certainly see where you are coming from regarding AP aligning themselves too closely with celebrities. Honestly, a part of me hates it as well, but I feel that AP needed to do something to raise the profile of the brand. Rolex and Richard Mille do this as well with athletes like Roger Federer and Rafa Nadal respectively as well as countless others.

If AP decided to go with the exclusive and class route, it will never be able to beat Patek Philippe. Should AP stay behind all the time and not try something different? That is not a fair expectation towards AP.

I feel that FHB did two mistakes as CEO:
1. To green light the design of the 3 hander CODE 1159 and the CODE chronograph. The dials on those 2 are a disaster when they should be the bread and butter of the line-up due to its lower price point. The case construction is great and other variants like the perpetual calendar illustrates how the reception could have been different if they had nailed the initial design. To save the CODE line-up from being a complete flop, now SAs at boutiques and houses are 'gently' implying that a CODE purchase is needed to move up the ladder (experiences may vary from area to area). Now FHB goes on interview telling everyone how great the demand for the CODE is when we know WHY there is a demand for the CODE.

2. The partnership with Marvel. The black panther watch was polarising upon release. I thought it looked like a toy that could be bought from Toys R Us. But the main problem is the idea itself. I mean most of us here are adults. We don't want to be a 40-50 y/o guy behaving like a kid anymore. If I had wanted a toy watch I know where to get one - Toys R Us, not drop 100k at AP. I feel that at this price point, attention should be paid to materials, craftsmanship and finishing, not having a comic figure with HUGE NUTSACK sticking out at 6pm.

Overall though, the RO got the attention it deserves and profit skyrocketed. Isn’t that the role of a CEO?

[IBDOC]

The grapevine has been that apparently the Audemars owner family has been unhappy with Bennahmias for quite some time. He’s polarising for sure, in the same mold as JCB was at Omega and Georges Kern at IWC. There’s no denying that he’s grown the brand significantly. Whether it’s been in an ideal direction remains to be seen.

However, those who think that Bennahmias started the celebrity-horny trajectory at AP must have short memory spans. The’ve been churning out co-branded monstrosities since wat before it was cool. Anyone remember the Arnold movie tie-ins?

https://www.luxurybazaar.com/wp/arno...udemars-piguet

[VogelPhoenix]

Originally Posted by HMHM

The partnership with Marvel.... I feel that at this price point, attention should be paid to materials, craftsmanship and finishing, not having a comic figure with HUGE NUTSACK sticking out at 6pm.

"materials, craftsmanship and finishing" are absolutely not a problem with the black panther. It's a fun piece that enough people liked to sell out instantly.

I also find it hard to get upset about the Gims (or Ed Sheeran) piece unique. In particular Sheeran seems to be a pretty serious collector - I don't see how this or other tie-ins reflect negatively on FHB or AP.

And while a debate may be had about these things, the whole RO 50th anniversary collection was handled as well as it could have been, IMO. Finally, the most significant development of the recent years appears to be the move away from ADs and towards (in many cases) corporate owned boutiques/AP houses. AP may be really ahead of the curve there (among its peers), or may have set itself up for trouble ahead if things turn sour for extended period of time. That seems to be a much more important measuring stick for FHBs career than some of the controversial aesthetic choices.

[HMHM]

Originally Posted by VogelPhoenix

"materials, craftsmanship and finishing" are absolutely not a problem with the black panther. It's a fun piece that enough people liked to sell out instantly.

I didn’t say it’s bad though. I think those are things that they should pay attention/focus on rather than chasing a partnership with a comic company. Like perhaps increasing the power reserve of their watches, or maybe use a proper ceramic case back for their ceramic watches instead of sticking a steel case back for ceramic watch. Things like the rainbow dial ceramic RO illustrates AP’s ability to create spectacular, one of a kind watches and it should be their primary focus, not having another marvel character front and centre of the dial with two (.) (.) the next time.

[speedfighter]

"I feel that at this price point, attention should be paid to materials, craftsmanship and finishing, not having a comic figure with HUGE NUTSACK sticking out at 6pm."

To HMHM-This is the best response ever to that ridiculous BP watch