The necklace hypercube has recently been introduced as an attractive alternative to the well-known hypercube. Previous research on this network topology has mainly focused on topological properties, VLSI and algorithmic aspects of this network. Several analytical models have been proposed in the literature for different interconnection networks, as the most cost-effective tools to evaluate the performance merits of such systems. This paper proposes an analytical performance model to predict message latency in wormhole-switched necklace hypercube interconnection networks with fully adaptive routing. The analysis focuses on a fully adaptive routing algorithm which has been shown to be the most effective for necklace hypercube networks. The results obtained from simulation experiments confirm that the proposed model exhibits a good accuracy under different operating conditions.