Latest news with #NicolasPuech
Daily Mail
31-07-2025
- Business
- Daily Mail
Mystery deepens over oddball Hermès heir, who promised to sell £10billion of shares to his gardener and then to a Qatari sheikh, as brand's boss says he 'no longer holds' his stake
The billionaire scion of the luxury design house Hermès reportedly no longer holds his €14 billion (£12.1 billion) shares in the brand, but it's not immediately clear why or where the funds have gone. Nicolas Puech, 82, made headlines in 2023 when he announced that he was leaving his fortune to his former gardener, which would make the worker the billionaire's rightful heir. The mystery continued last year when Puech, a fifth-generation descendant of the house's founder, Thierry Hermes, allegedly defaulted on a promise to sell shares to the Qatari sheikh. At the time, the complaint, filed in the District of Columbia by a company representing the Qatari leader, Honor America Capital, and seen by the New York Times, accused Puech of breaching his contract with them to sell shares. The lawsuit, filed last March, stated that Puech holds a five percent stake in the French luxury retail giant, and that he agreed to sell more than six million shares, trading at $270.89 each, to the Qatari royal family. Now, in the latest twist, Hermès International SCA said it believes that Puech no longer possesses any shares in the luxury fashion house and hasn't done for some time, leading them to take legal action. Executive chairman at Hermès, Axel Dumas, told Bloomberg via Business of Fashion, 'I've had the certainty for a long time that Nicolas Puech no longer holds his shares', adding, 'This is why we've started legal proceedings.' The legal battle is reportedly facing further complications because Puech's former wealth manager died last week. Dumas said he believes the shares cannot be recovered. Lawyers for Puech and Freymond couldn't be reached for immediate comment by Business of Fashion. Hermès has dealt with the issue of Puech's shares for some time. Over ten years ago, the brand fought an advance from rival Bernard Arnault, chairman and CEO of LVMH, the world's largest luxury goods company. Even during the 2014 agreement where the brand recoiled Arnault's stake, the future of Puech's shares still remained unclarified. The plot thickened in 2023 when the heir told courts in Switzerland, where he lives, that his shares had vanished while they were being handled by his former wealth manager, Eric Freymond, who died last week. That same year, he hit headlines again for reportedly attempting to leave a substantial portion of his vast wealth to his longtime gardener and handyman - though the plan never materialized. Puech moved to adopt his former greenskeeper, according to sources cited by Swiss publication Tribune de Genève at the time. The Hermes scion, who does not have kids and is not married, is said to have referred to his former employee - reportedly from a 'modest Moroccan family' - and his wife as his 'children'. The gardener was poised to inherit significant assets from his former employer, including properties in his native Morocco, as well as Puech's retreat in Montreux, Switzerland. However, the plan fell through after Puech told a Swiss court he does not actually have much of a fortune left to hand out. The attempt to adopt his greenskeeper came off the back of suspected family tensions, which arose in part due to a rival takeover of a significant stake in Hermès shares. Earlier this year, the brand was entangled in fresh courtroom drama after Puech allegedly defaulted on a promise to sell shares to the Qatari sheikh. He was slapped with a lawsuit on behalf of Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar. The lawsuit, filed in March, stated that Puech holds a five percent stake in the French luxury retail giant, and he agreed to sell more than six million shares, trading at $270.89 each, to the Qatari royal family. It appealed to a judge to order him to honor the sale and pay $1.3 million in damages for 'lost profits, opportunity costs, and reputational harm.' Puech is accused of delaying the sale twice. Puech's lawyer said his client was not involved in the deal and was not aware of it until reading about it in the press, according to Bloomberg. The Hermes heir also previously told courts in Switzerland, where he lives, that his shares had vanished while they were being handled by a wealth manager. Letters filed with the lawsuit detail how the deal was discussed over several months and signed off on February 10. Hermes was worth $300 billion in mid-February, after share prices rocketed more than 200 percent over the last five years, making a five percent stake incredibly valuable. Puech had in 2011 pledged to bestow his fortune upon the Isocrates Foundation - a philanthropic organization he founded which provides grants to 'support the fundamental role civil society organizations play in safeguarding and stimulating public debate'. According to its website, the foundation 'funds and supports public interest journalism and media organizations committed to strengthening the field of investigative journalism'. Should Puech still hold his stake, he would be the single and largest investor in the brand responsible for the beloved Birkin bag.
Toronto Sun
30-07-2025
- Business
- Toronto Sun
Hermès believes heir no longer holds shares worth $16.2 billion
Published Jul 30, 2025 • 2 minute read A woman is seen holding two Hermes branded shopping bags outside a store, the company is operated by Hermes International SCA in Paris, France, on Monday, Sept. 17, 2012. Photo by Balint Porneczi / Bloomberg (Bloomberg) — The enigma surrounding Hermès shares worth about €14 billion ($16.2 billion) inherited by a member of the luxury goods company's controlling family is finally seeing some glimmers of light. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Hermès International SCA believes the family member, Nicolas Puech, hasn't had the shares in the Birkin bag maker for a while, Executive Chairman Axel Dumas said, adding a new twist to a protracted legal battle over their whereabouts — further complicated by the death last week of Puech's former wealth manager. 'I've had the certainty for a long time that Nicolas Puech no longer holds his shares,' Dumas told reporters Wednesday on an earnings call, in his most elaborate public comments on the issue. 'This is why we've started legal proceedings.' The executive said he doesn't believe the shares can be recovered. The dispute over Puech's stake in Hermès has been among the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. More than a decade ago Bernard Arnault, luxury goods rival and founder of conglomerate LVMH Moët Hennessy Louis Vuitton SE, revealed he had stealthily amassed a stake in Hermès. Descendants controlling Hermès came together and successfully fought the unwelcome advance. This advertisement has not loaded yet, but your article continues below. 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 puzzle deepened in 2023, when Puech accused his former wealth adviser Eric Freymond of mishandling his holdings. Freymond died in Switzerland last week. Puech, a fifth generation heir, and Freymond's relationship had soured, leading to a court case in Geneva over the fortune, which was mostly tied to some 6 million shares in Hermès, one of the world's most valuable luxury goods companies. Dumas described Freymond's death as 'tragic' and 'sad.' Lawyers for Puech and Freymond couldn't be reached for immediate comment. 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 handbags and colorful silk scarves that was founded in 1837. Dumas is a sixth generation descendant of the company's founder. His late uncle Jean-Louis Dumas, who once led Hermès, was Puech's cousin. Sunshine Girls Columnists MLB Toronto & GTA Sunshine Girls
Bloomberg
24-07-2025
- Business
- Bloomberg
Hermes Heir's Ex-Adviser Dies as $16 Billion Legal Fight Endures
The former adviser to an Hermès heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($16 billion) remains unsolved. 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.
New York Times
09-04-2025
- Business
- New York Times
The Strange Case of an Hermès Heir, an Emir and a Deal Gone Wrong
Nicolas Puech is an heir to the Hermès fortune whose riches are shrouded in mystery. He either is or is not a billionaire, and may or may not have a sizable stake in his family's luxury brand, depending on when and where these matters come up. A new lawsuit filed in federal court late last month says that Mr. Puech recently claimed he does hold that stake, about 5 percent of the company, and had signed a deal to sell more than six million shares in Hermès to the royal family of Qatar. But Mr. Puech has also previously told courts in Switzerland, where he lives, that his shares had disappeared in the hands of a wealth manager. The complaint in federal court in the District of Columbia, now under seal, accused Mr. Puech of failing to honor the sale, adding fresh intrigue to the enduring enigma of his wealth and offering a glimpse into the luxury ambitions of Qatar's monarchy. The original suit was rejected on a technicality by the court, and the plaintiff has refiled with a motion to keep it under seal. Mr. Puech, 82, is a great-grandson of Thierry Hermès, a 19th-century saddle maker who turned his business into a fashion powerhouse revered even by other fashion brands. Hermès — known, among other things, for the exclusive Birkin bags it sells only to insiders — was valued at $300 billion in mid-February, just days after Mr. Puech signed a deal to sell his shares, then worth over $15 billion, according to filings in the suit. It is not the first time Mr. Puech and his slice of the family fortune have been the subjects of great debate and litigation. In 2023, he made waves after moving to adopt his middle-aged, married Moroccan gardener to bequeath him half his fortune, prompting resistance from a charity he had formed, which expected the inheritance. Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience while we verify access. Already a subscriber? Log in. Want all of The Times? Subscribe.
