Hermes heir's ex-adviser dies as $16 billion legal fight endures
Eric Freymond worked for 24 years as a wealth manager to Hermès descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited.
A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing.
Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news.' Freymond was 67.
The dispute over Puech's stake in Hermes was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the 16 billion dollars of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal.
More than a decade ago Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermès. Descendants controlling Hermès came together and successfully fought the unwelcome advance.
The fate of Puech's shares was never clarified even after Arnault's 2014 agreement with the Hermès clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings.
The Hermès clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
Freymond was born on June 21, 1958. He studied law at the Université de Genève from 1979 to 1983 before working in banking at Ferrier Lullin & Cie and Vernes Gestion, according to his website. He then created his own company, Semper Gestion in 2001, and later pursued his interest in contemporary art.
In 2014, he retired from Semper Gestion and, with his wife, Caroline, opened Espace Muraille, an exhibition space in Geneva dedicated to contemporary art, the website states. According to the Geneva court document, he started working for Puech in 1998 until his mandate was canceled by the heir in 2022.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
26 minutes ago
- Fashion Network
Hermès confirms heir no longer holds multibillion-euro stake
The enigma surrounding Hermès shares worth about €14 billion ($16.2 billion), once inherited by a member of the luxury brand's founding family, is finally starting to unravel. Hermès International SCA believes the family member, Nicolas Puech, has not held shares in the Birkin bag maker for some time, according to Executive Chairman Axel Dumas. His statement adds a new twist to a prolonged legal dispute — now further complicated by the recent death of Puech's former wealth manager. 'I've known for a long time that Nicolas Puech no longer holds his shares,' Dumas told reporters on Wednesday during an earnings call. He made his most detailed public comment on the matter and explained, 'That's why we started legal proceedings.' He also stated that he doesn't believe the company can recover the shares. The uncertainty around Puech's stake in Hermès has remained one of the most persistent questions following one of France's most high-profile corporate battles. Over a decade ago, Bernard Arnault — founder of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE — revealed he had discreetly acquired a stake in Hermès. In response, the founding Hermès family united and successfully resisted the takeover attempt. The status of Puech's shares was never publicly clarified, even after Arnault's 2014 agreement to begin unwinding his position. The mystery deepened in 2023, when Puech accused his former wealth adviser, Eric Freymond, of mismanaging his assets. Freymond died in Switzerland last week. Puech, a fifth-generation heir, had been involved in a legal dispute with Freymond in Geneva over the management of his wealth, largely tied to approximately 6 million Hermès shares. The brand remains one of the most valuable luxury houses globally. Dumas described Freymond's death as 'tragic' and 'sad.' Lawyers for both Puech and Freymond were not immediately available for comment. The Hermès family, which includes over 100 members, is among Europe's wealthiest dynasties. If Puech, who resides in Switzerland, were still holding his stake, he would be the single largest shareholder in the 1837-founded house known for its handbags and silk scarves. Dumas himself is a sixth-generation descendant of the company's founder. His late uncle, Jean-Louis Dumas, who once served as CEO of Hermès, was also Puech's cousin.
Fashion Network
26 minutes ago
- Fashion Network
From Milan to Seoul: La piscine reinvents contemporary womenswear
Launched in 2024, La piscine is a Milan-based womenswear label turning heads in the fashion industry. Founded by the duo behind Halfboy, the brand blends clean design, subtle edge, and sharp pricing—quickly catching the attention of major retailers like Harvey Nichols and Le Printemps. Still relatively unknown to the public, La piscine is gaining momentum for its smart, contemporary aesthetic—even amid a global market slowdown. La piscine unveiled its first Autumn/Winter 2025–2026 capsule in February and instantly landed in over 30 top-tier multi-brand retailers. Buyers from Printemps in Paris, Harvey Nichols in Hong Kong, Beymen in Istanbul, and La Rinascente in Milan snapped up the collection. La Rinascente invited the brand to launch a pop-up store this September. The 60-square-meter space will run for one month on the fourth floor, next to names like Isabel Marant and Zimmermann. Stylist Alice Moraschini and manager Giovanni Muracchini lead the brand, both as partners in life and business. The duo founded Halfboy in 2019 through their company Golden Eggs. That label, which reimagines masculine tailoring for women and explores experimental denim treatments, quickly took off. In just five years, Halfboy grew from €500,000 to €7 million in annual sales, with 80 international stockists and consistent triple-digit growth—until 2024, when sales increased by only 40%. 'We experienced explosive growth until last winter,' said Muracchini. 'But we relied too heavily on department stores and e-commerce. Then the market shifted. Even high-end shoppers started focusing more on price, and that forced us to rethink our approach.' They restructured their entire supply chain to reduce costs while preserving quality and design. Larger order volumes gave them new bargaining power. They moved production for loungewear, cotton pieces, and sweatshirts to Portugal, cutting prices in that category by 30%. For pieces still made in Italy, they brought prices down by 10 to 15%. As demand grew in the U.S., the company opened a new American subsidiary. Today, the Milan-based label runs two showrooms—one in Milan, the other in Paris—and employs a team of 20. From day one, Moraschini and Muracchini built La piscine on the idea of strong design paired with smart pricing. 'Halfboy sits at the entry-level of luxury—high-end products, but priced at half or even a third of what major French houses charge,' said Muracchini. 'La piscine plays in a smarter contemporary space with a bold, clear identity. The early response proved that we're hitting a sweet spot in the market. This is exactly what big buyers are looking for right now.' 'I wanted to create a style that feels classic and minimal—but never boring,' added Moraschini. 'Each piece includes thoughtful details, a creative spark, and a practical touch. The color palette stays neutral, with subtle pops of color, so everything is easy to mix and match. The collection works for every generation—from daughters to mothers. It's a flexible wardrobe designed for real life.' Moraschini named the label after Jacques Deray's 1969 film "La piscine," starring Alain Delon, Romy Schneider, and Jane Birkin. Set on the French Riviera, the film captures the very essence the brand reflects—elegant, summery, chic, and effortlessly cool. The collection mirrors that mood. It blends precise tailoring with relaxed silhouettes. Think oversized blazers with tuxedo-style satin lapels and cinched waists. Grey wool dresses feature lace details and open backs. Flared trench coats offer structure, while casual elements balance the lineup—like fitted fine-knit tops, a reversible button-down shirt, or a sky-blue striped maxi-shirt paired with a matching belt to transform it into a mini dress. La piscine keeps the lines clean and intentional. One nylon bomber takes on an oval shape. A windbreaker doubles as a shirt. A navy poplin-and-nylon raincoat turns into a dress. The label focuses on detail: a jacket with a sharp back slit; a cropped shirt edged with metallic threads that ripple around the collar; or tailored shorts with a front pleated panel that mimic a miniskirt. The team priced each item to strike a balance between quality and accessibility. Jackets range from €350 to €500. Tops go for €120 to €250, shirts from €150 to €300, dresses from €250 to €400, pants from €150 to €300, and trench coats from €290 to €600. 'We built La piscine around price,' said Muracchini. 'That ruled out producing in Europe—especially not in Italy, where costs are sky-high for young brands. Prototyping, dyeing, and manufacturing in Italy just aren't sustainable for us.' Instead, they looked to South Korea. They relocated all product development, manufacturing, and logistics to Seoul and its surrounding areas. 'South Korea has incredible creative energy. You've got a booming retail scene, exciting indie brands, a powerful beauty sector, and cutting-edge digital platforms. That creates a full-circle ecosystem,' said Muracchini. 'There's a network of small workshops and artisans who understand exactly what you want—and deliver it. And yes, their prices for labor and materials are far more competitive.' 'They set trends,' added Moraschini. 'Today, South Koreans influence fashion the way the Japanese did a generation ago.' South Korea's trade agreements with many countries gave the brand another edge. 'If we fully optimize local production, we'll cut tariffs too,' said Muracchini. 'That's the goal—but let's be honest, it's not simple. We're still a family-run brand… with all the complexity of a multinational.'
Fashion Network
an hour ago
- Fashion Network
Hermès posts growth well above the market in the first half
The French luxury brand Hermès reported on Wednesday a 5% decline in first-half net profit to €2.2 billion ($2.53 billion), impacted by an exceptional corporate contribution. However, sales rose by 7.1% to reach €8 billion ($9.2 billion). Excluding the exceptional contribution, 'net income, group share, amounted to €2.5 billion ($2.88 billion), up 6% on the first half of 2024,' according to the press release. Hailing 'solid first-half results in all regions,' managing director Axel Dumas stated in the release that he would 'continue to invest and recruit to ensure the continued success of the company.' Sales in the Americas rose by 9.5% to €1.45 billion ($1.67 billion) 'in a more volatile context, driven by double-digit growth in the United States.' Regarding the newly announced 15% customs duties on exports to the United States, Dumas told reporters he was 'waiting for the precise rules of the game.' 'The latest announcements need to be refined,' he said, explaining that the rate stood at 4.7% earlier this year, with an additional 10% implemented in April. 'If the 15% includes the earlier 10% and the existing 5%, there's no reason to raise prices,' he said. Following the April tariff increase, Hermès raised its U.S. prices by 5%. 'There's another subject that's just as important, which is the falling dollar,' Dumas added. 'We have a dollar that has fallen a lot, and that has as much impact, if not more, than the tariffs.' In Asia excluding Japan, group sales were up 1.5% at €3.57 billion ($4.11 billion). 'I don't see any fundamental change at the moment in the sales atmosphere in China, which remains buoyant for us,' Dumas noted. In Japan, sales surged by 17.6% to €815 million ($937 million). In Europe, excluding France, sales increased by 12%, surpassing the billion-euro mark (€1 billion / $1.15 billion). Sales in France rose by 8.7% to €740 million ($851 million). Sales in leather goods and saddlery — the group's core business — climbed by 11.3% to €3.58 billion ($4.12 billion). Clothing and accessories rose by 4.3% to €2.25 billion ($2.59 billion). Sales of perfumes and beauty products declined by 4.1% to €248 million ($285 million), while watch sales fell by 8.9% to €281 million ($323 million). (€1 = $1.15) Paris, July 30, 2025 (AFP)
