Looking into the Future with Audemars Piguet

<h2>Responding to COVID-19, Code 11.59, & More</h2>
Audemars Piguet’s CEO, François-Henry Bennahmias, is among the watch industry’s most dynamic executives, charged with steering one of the few still-family-owned firms in our sector. He assumed the chief executive role 2012 but has been a leading figure at the brand for twenty-six years, a tenure that has afforded a long term view and the wherewithal to be nimble in this ever-changing world.
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François recently joined WatchBox and Brian Govberg for a conversation about how <a href="https://www.thewatchbox.com/watches/audemars-piguet/">Audemars Piguet</a> is dealing with COVID-19, the next generation of watch consumers, the value of emotions and human connection, and the evolving relationship between brands and consumers. The two also discuss the brand’s recently inaugurated museum, social media’s “audible” reaction to Code 11.59, and the extraordinary potential in the pre-owned space.
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“We’ve been working very very seriously about what could come next. The good news was that during confinement, our entire department was able to work and keep working…and I saw, over the last two or three weeks, two major innovations that would change the world of watchmaking,” Bennahmias hinted.
The brand has a history of responding during times of crisis. From the Quartz Crisis in the 1970s and early 1980s, the Great Recession of 2008, and now COVID-19, Bennahmias believes, “On the global level, I would say that if I want to look at the glass half full, we’ve got to see more innovation and creativity than before.”
Audemars Piguet is working hard to determine what their brand and the luxury watch market will look like after the pandemic.
“I want to listen more and more to the young generations coming,” said Bennahmias. “We’re at the crossroads of so many innovations that will impact our lifestyles, our health, our way to behave, and the way to communicate with each other. If we are not ready to learn and to relearn, potentially, then we’re going to be in trouble.”
One way the brand has been changing to appeal to a younger audience is through their words. “Before it was very proper language, long sentences…now, we make shorter sentences becaue [the new] generation talks in shorter words, with emojis and signs,” said Bennahmias. “Enough of putting people in boxes.” He believes that Audemars Piguet shouldn’t make assumptions about their customers’ preferences, especially newer, younger generations.
He believes, “We have to change the way we’ve been dealing to the end consumer for good. Because there’s definitely an after-COVID that will never be the same. And we have to adjust.” While hewouldn’t give away many details, Bennahmias shared that he has an idea on how the brand is going to change—a concept that will go beyond watches and touch the luxury industry as a whole.
Currently, 90% of luxury watch executives believe that <a href="https://www2.deloitte.com/content/dam/Deloitte/it/Documents/consumer-business/The%20Deloitte%20Swiss%20Watch%20Industry%20Study%202020.pdf" target="_blank" rel="noopener noreferrer nofollow">sustainability and supply chain</a> transparency are important for the industry, according to the Deloitte Swiss Watch Industry Study of 2020. Bennahmias agrees that the way they interact with consumers will be different than before, but he believes in the importance of creating an emotional and human connection between customers and a luxury product.
When asked about <a href="https://www.bloomberg.com/news/articles/2019-01-14/audemars-launches-a-new-watch-and-the-response-is-in-it-s-awful" target="_blank" rel="noopener noreferrer nofollow">social media’s response</a> in 2019 to their newest and most awaited collection since the <a href="https://www.thewatchbox.com/watches/audemars-piguet/audemars-piguet-royal-oak/">Royal Oak</a>, <a href="https://www.audemarspiguet.com/com/en/collections/code-11-59.html" target="_blank" rel="noopener noreferrer nofollow">Code 11.59</a>, he said, “When we launched the line, we got crushed the very first days…When you do something publicly…you’re going to find lovers and haters.”
Bennahmias emphasized, “What matters is a long-term view. If we would have had social media in 1972 when every single watch that was selling then was thin and in precious metals on stripes, what do you think would have been the reaction [to the Royal Oak]? <a href="https://www.geraldgenta-heritage.com/iconic-models" target="_blank" rel="noopener noreferrer nofollow">Gerald Genta</a> would have been crucified.”
Unbothered by negative comments about the collection, Bennahmias expects that in the next five to ten years, a conclusion can be made about the success and reputation of the Code 11.59 collection.
“We’re not here to run 100 meters, we’re here to run the marathon,” said Bennahmias.
Even after COVID-19, the global luxury watch market is expected to reach 7.0405 billion by the end of 2026, <a href="https://www.marketwatch.com/press-release/luxury-watch-market-2021-industry-analysis-by-future-demand-top-players-size-share-opportunities-revenue-and-growth-rate-through-2027-by-market-reports-world-2021-03-03" target="_blank" rel="noopener noreferrer nofollow">growing at 3.4% between 2021 and 2026</a>. Bennahmias is excited about Audemars Piguet’s growth in the luxury watch market within the United States. Many believed it wasn’t worth their time, but he stated, “The more you tell me no…the more I’m going to prove you wrong.”
As for Bennahmias’ hints at future innovations and developments from Audemars Piguet, we are eagerly anticipating those in the months and years ahead.
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Audemars Piguet