In a stunning turn of events, Nicolas Puech, an heir to the Hermès luxury fashion empire, has declared that his fortune, once valued at $13 billion, has seemingly evaporated into thin air. This revelation came to light following a legal battle with a former financial advisor, whom Puech accused of misappropriating the vast wealth.
According to Puech’s lawyers, he owned about 6 million shares, making him the largest investor in Hermès International SCA history—though he no longer holds the assets. The fifth-generation heir accused his financial manager, Eric Freymond, of “gigantic fraud” over the two decades in which all of his shares were sold.
Puech, 81, had previously made headlines with his generous pledge to bequeath half of his fortune to his gardener. The Swiss courts have now dismissed Puech’s claims against his advisor, citing a lack of evidence to support allegations of theft or mismanagement.
In the ruling, the court noted that he had “blind trust” in Freymond and while he could have revoked his agreement at any time in the 24-month period, he did not do so. It also noted that Puech willingly, and of his own agency, allowed Freymond to manage his money, including giving the advisor access to his bank accounts. “It’s not clear who prevented the plaintiff from taking an interest in how his assets were evolving,” the court found.
Puech had resigned from the Hermès supervisory board in 2014, taking his 5.7 percent stake with him. “He resigned because he has felt for several years beleaguered by members of his family, who have attacked him on several fronts, not only regarding LVMH,” a spokesperson for Puech told AFP at the time.
The Hermès brand, synonymous with luxury and exclusivity, has been a family-controlled entity since its inception in 1837. The Puech family, along with other heirs, collectively hold a significant portion of the company’s wealth.
The case has captured the public’s imagination, with its dramatic twists and turns reminiscent of a plot from a high-stakes drama series. Journalists and the media have followed the developments closely, noting the familial tensions and the complex web of relationships that define the Hermès dynasty. Nicolas’s decision to leave a substantial part of his wealth to his gardener, whom he considered akin to a son, and the subsequent fallout, has added layers of intrigue to the narrative.
As the legal proceedings unfolded, it became apparent that the heart of the matter was not just about the missing billions but also about trust, loyalty, and the dynamics of power within one of Europe’s wealthiest families. The court’s ruling has left more questions than answers, with the whereabouts of the $13 billion fortune still a mystery.
The Hermès family, with a combined net worth of approximately $155 billion, remains a formidable force in the luxury fashion industry. Despite the personal setbacks and the enigmatic disappearance of Nicolas Puech’s fortune, the brand continues to thrive, catering to a clientele that includes celebrities and influential figures across the globe.
The case is not unique in the context of wealth management and the importance of oversight, especially when complicated by internal family disputes.
